kingston's Profile
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December 6, 2007
Does Mansion Tax Apply To Mixed-Use Bldg?
Does anyone know if the mansion tax applies to a 2-family plus store building?
August 16, 2007
Escalation Addendum to Purchase Offer?
Anyone have any experience with something called an "escalation addendum" to an offer to purchase property? It states that the prospective buyer will raise his/her offer above other offers by specified increments until a maximum price is reached -- just like an eBay auction. I'm working with a buyer who wants to use one of these in her purchase offer for a house ... But I've never seen this used in NY state. It's common in the DC area, apprarently. DOes anyone know anything about this? Any reason why this can't or shouldn't be used here?
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Hello again,
JP, how can I contact you? I don't want free advice, just informed advice.
Kingston, our house is in a VERY residential stretch, with just a corner pizza and a deli within sight, so it's difficult to imagine ever having a business in the building. I appreciate your thoughts, though--best of luck with your building!
Posted by: curiositykilledthecat at January 29, 2008 10:35 AM in response to Converting 2-family + store to a 3-family
Is there any advantage to the building's being a legal 3-family, if it's legal to use the store area as a living space anyway? My building in Greenpoint is a 2-family plus store, with store used for studio/living. Former owner (an architect) said he never changed it from commercial because once changed, it couldn't ever be changed back. I never thought we would want to use the space as commercial again, but to my surprise the street we're on is reviving nicely, with restaurants, stores, yoga studios, etc., and I'm starting to think the building actually may be more valuable with commercial space a possibility. Could that happen where you are?
Posted by: kingston at January 28, 2008 8:47 PM in response to Converting 2-family + store to a 3-family