yanks21's Profile
Author's Posts
November 21, 2009
PS internet/cable provider reccs
Moving to Park Slope in a few weeks and wanted to get the lowdown on the best way to go for high-speed internet and cable TV providers... got any reccomendations? I have seen the competing Verizon Fios and Opt Online Triple Play ads, but not sure if those are even available in the 11th St/5th Ave area. Any advice or suggestions are greatly appreciated.
August 29, 2009
Verizon FIOS or Opt Triple Play?
Which one has better services and prices? Looking to make the jump to one of these two services and I'd love to hear some experiences people have had with either Verizon FIOS (with phone, internet, and cable TV) and also Optimum Triple Play (with those same services). Thanks in advance for your help- it's a tough choice!
August 19, 2009
Separating Lots
I'm looking at a property that used to be two separate lots, one was 12x100 and the other 30x100, but there is only a building on the bigger lot and the smaller one is vacant. The lots were legally combined and this property is noted on the Dept of Finance site as one tax lot. My question is: Is it possible to separate them back into two lots again? How hard is that process? Where to even begin? Thanks!
August 15, 2009
After Owner Occupancy in RS...
The past week has had a couple interesting, opinion-prevoking questions regarding owner occupancy in a rent stabilized building. These made me wonder, if a landlord did legally and genuinely take over an apartment for owner occupancy and live in it for a few years, what happens to the status of the apt if they were to move out? I would assume it isn't automatically destabilized, but was wondering what happens next? Does it continue with the same stabilized rent as before the owner occupied it? This topic doesn't seem to be mentioned on the DHCR site. Anyone know?
August 13, 2009
Taxes and Rental Expenses
As a building owner living in the building, how does your rental income and building expenses figure into your tax picture? Let's say the mortgage was paid off and the two rentals brought in 24k a year and the total building expenses (heat/insurance/water/misc repairs/etc) was about 24k a year too, how are you taxed on that rental income? How do the building expenses figure into the tax picture? I'm a total newbie on this and no tax whiz, so feel free to school me. I'll invariably consult a lawyer, but I figure many of you probably are quite familiar with the subject. Thanks!
August 10, 2009
NYC Finance Property Value...
I went to the NYC Dept of Finance link to get a copy of a building's "Notice of Property Value" and found that their stated market value (900k for tax year 09/10) was well under my intended offer (1.3m). How accurate is the city in this sort of assessment? Clearly, it's a fair amount under my offer, like 400k, but the truth is I think my offer is fair and almost wouldn't expect to pay anywhere near 900k for this place.
I read the blurb about how they calculate their numbers, but don't totally buy that the market value of this really nice, extra large PS 4-family is only 900k.
Owners: how many of you genuinely agree with the "Notice of Property Value" that the city has for your property? Is it even in the right price range? Or do you just take this report with a grain of salt since it's put out by the city? I'd love to hear some thoughts or opinions on this one.
August 7, 2009
Value of Lot in South Slope?
Trying to figure out how much a vacant, flat 12x100 lot is worth in South Park Slope between 5th and 7th Aves. I realize this is a thin lot and can't find easy ways to appraise it. Any ideas on how to go about finding a reasonable value? Or feel free to throw out a number of your own! Gimme one of those widgets!
July 27, 2009
Tax Rate for 4Fam vs 5Fam?
The taxes on a 5 family are insane! How much, if any, difference will reducing it to a 4 family make in the tax bill? Or is it calculated strictly by square footage? Anyone knowledgeable in this area please share. Is there any place to see a table of tax rates for each type of property? Thanks!
July 19, 2009
Gut Reno & Landmark Zones?
Is 8th st between 5th ave and 8th ave in PS a landmarked section? And what would it cost to gut renovate a 13x40 ft building in today's market? I know there are links about these topics, but I'm hoping to get the most up-to-date info. Thanks!
July 14, 2009
commercial is 4+ or 5+ units?
Is a commercial property a building with 4 or more apts or 5 or more apts?
Author's Comments
OP--- The smaller lot actually might be 12.5' wide. The existing house is full 30' wide on a 30' wide lot.
Posted by: yanks21 at August 19, 2009 11:35 AM in response to Separating Lots
OP here-- to be clear, my thought was to put it back to the original size lots of 30x100 and 12x100. But tt sounds like it might be hard to recreate that 12x100 though? Hmmm... I was thinking you could build one of those 12' wide houses, if it was possible. I've been in a couple 12" wides and they are actually kind of cute and cozy.
Posted by: yanks21 at August 19, 2009 10:48 AM in response to Separating Lots
I see how it could have been confusing- apologies, Vinca. I was putting out both my situation and, as I mentioned, the situation of a recent poster who was considering taking the eviction route. I should have been clearer and simply cited my own situation.
Posted by: yanks21 at August 16, 2009 10:37 AM in response to After Owner Occupancy in RS...
To clear up the confusion, I was looking at a building that stated that one of the three RS apartments would be delivered vacant at closing as the current tenant was MOVING out- not being evicted, not taken to court, not thrown out on the street. It is possible for someone living in a rent stabilized apartment to move out- not all are in it for life.
Thanks, Kensingtonka, for giving my post the benefit of the doubt.
Posted by: yanks21 at August 15, 2009 11:44 PM in response to After Owner Occupancy in RS...
OP here... I understand that part, but my question is if the owner legally goes about evicting or even just moves in after a tenant leaves and lives there for 3 or more years, what happens after the owner moves out? Back to RS, I assume? How do you figure the rent or does it just resort back to the last tenant plus the vacancy increase? So my question is not about gaining the apartment for the owner, but what happens to it after the owner moves out.
Posted by: yanks21 at August 15, 2009 1:49 PM in response to After Owner Occupancy in RS...
On our East Village co-op rooftop, we used large rectangular tiles made form recycled tires (similar to playground surface). They are soft to walk on and don't pose any rooftop damage risk. They weren't cheap, but they look really good and all you have to do is throw them down and interlock them- much easier than building a deck.
Posted by: yanks21 at April 11, 2009 8:32 PM in response to Building a Roof Deck
Why would it be 3 years? I thought you are allowed to take back an apt if it is for owner use? I will obviously do much more research if we decide to go forward, but I'm interested to hear thoughts, opinions, etc.
The only reason we are even considering doing this and not just going the 2 family route is because we like the building so much.
Posted by: yanks21 at April 7, 2009 9:29 PM in response to Buying a Rent-Stabilized Bldg
Responses to Author's Forum Comments
I have these senior moments quite often, so I can't recall the name of a half ladder/ half stair that is quite steep with handrails. Maybe some of you out there know.
Plan on steel supports that span either adjacent or opposite masonry walls. A&J Iron does this all the time. Then you can lay in wood squares into a grid of steel- voila.
Reframing a roof opening slightly to accomodate a more convenient hatch might pass coop muster. Especially if it is viewed as an improvement.
Good luck.
Posted by: brucef at April 14, 2009 2:09 AM in response to Building a Roof Deck
Well I have to say I've been in my apartment for 37 years and 100k would not move me out.
As far as bkhabitant I've got a question for you. When no one was willing to either live or rent in your neighborhood. My landlord made me an offer on an apartment and when I took his offer I kept him afloat otherwise the building would have reverted back to the city for non payment of taxes and been abondoned.
My home (apartment) is my castle.
I have no idea why you bought property that you think squaters are on with no recourse.
Posted by: easywind at April 27, 2009 3:36 PM in response to Buying a Rent-Stabilized Bldg
Vinca's best answer to your question: stop fishing in public forums for cheap answers to your conflict-ridden purchase schemes. If you're dedicated to buying at discount, and making yourself comfortable while throwing others out on their ears, embrace the full "pleasure" of the experience, including the expense of legal advice.
Posted by: vinca at August 15, 2009 5:05 PM in response to After Owner Occupancy in RS...
Vinca, and you insulted the OP because?
The way the question is phrased, the OP may be a representative of the "protected" class who thinks he just discovered an RS apartment that was taken by an owner, and he is eager to rent at discount.
Now, go ahead, express your disdain for scheming bottom- fishers.
Posted by: kensingtonka at August 15, 2009 7:33 PM in response to After Owner Occupancy in RS...
Kensingtonka: take a look at yanks21 previous posts...I did. You'll notice a certain history. Nothing stopping you from giving OP advice; please do. BTW, consulting a knowledgeable attorney will be the best advice s/he will ever get.
Posted by: vinca at August 15, 2009 8:25 PM in response to After Owner Occupancy in RS...
To clear up the confusion, I was looking at a building that stated that one of the three RS apartments would be delivered vacant at closing as the current tenant was MOVING out- not being evicted, not taken to court, not thrown out on the street. It is possible for someone living in a rent stabilized apartment to move out- not all are in it for life.
Thanks, Kensingtonka, for giving my post the benefit of the doubt.
Posted by: yanks21 at August 15, 2009 11:44 PM in response to After Owner Occupancy in RS...
Actually, something is stopping me from giving OP advice: I don't have anything valuable to add.
My point, however, is this: almost every day someone is asking a question here related to construction/home maintenance. Often professional contractors comment and suggest solutions or at least a course to proceed. But not a single one of them has ever posted something along the lines "if you are dedicated to ownership of old historic buildings, embrace the full "pleasure" of the experience including swimming in your own shit or pay for an advice of an experienced plumber".
I am sure, as a defender of the downtrodden, you want to make the world a better place - let's start with this forum.
Posted by: kensingtonka at August 16, 2009 9:19 AM in response to After Owner Occupancy in RS...
Yanks21: Did your 1:49 post not begin by saying “but my question is if the owner legally goes about evicting...”? Neither this, nor your previous, the inquiries of Kensingtonka's "representative of the 'protected' class." It’s always amusing to see refutations of “confusion” with very different details than those previously posted. You think maybe you’d get better answers if your original post was specific?
Bxgrl, I know you meant well, but I tend to stay away from posts like these.
My personal policy: I don’t help tenants scam owners; I don’t help owners screw tenants; I try to stay clear of posts conveying a whiff of hidden agenda.
Good luck with your purchase, yanks. Get yourself a good attorney.
Posted by: vinca at August 16, 2009 9:25 AM in response to After Owner Occupancy in RS...
I see how it could have been confusing- apologies, Vinca. I was putting out both my situation and, as I mentioned, the situation of a recent poster who was considering taking the eviction route. I should have been clearer and simply cited my own situation.
Posted by: yanks21 at August 16, 2009 10:37 AM in response to After Owner Occupancy in RS...
If a building owner takes over a RS/RC apartment and lives in it for the requisite time (3 years) the apartment is then decontrolled/destabilized. Meaning once the owner moves out that unit is rented for whatever the owner wants to list it for, and what the market will bear.
If you buy a building and a RS tenant moves once you take ownership (but not residence in the unit), that unit would be subject to the standard percentage bump as well as any capital improvement bumps, vacancy bumps etc.
Once a RS or RC apartment becomes de-stabilized or de-controlled it is free market forever. You get to charge what you want/what the market will bear.
Posted by: christopher at August 16, 2009 5:46 PM in response to After Owner Occupancy in RS...
We used these on our old co-op rooftop and they worked out great... Not cheap or light, but the co-op board approved of them and they looked pretty good. Not sure how similar to the product you mentioned, but figured I'd share my 2 cents.
http://www.surfacingsystems.com/
Posted by: yanks21 at October 13, 2009 10:50 PM in response to Rubber Tiles on Roof