Mixed Use Brownstone
A brownstone that I am looking to buy is zoned for mixed use. I am thinking I could lease the garden floor to commercial use e.g a Gallery, Doctor’s office or similar low “signage” required business. I am new to this and, though I will get professional help if I buy, I just wondered if…
A brownstone that I am looking to buy is zoned for mixed use. I am thinking I could lease the garden floor to commercial use e.g a Gallery, Doctor’s office or similar low “signage” required business. I am new to this and, though I will get professional help if I buy, I just wondered if someone here has done this before and could offer pointers – how to assess value, what renovation is required up front (all levels need renovation, i plan to live in the top levels but would lie to renovate the garden level with enough flexibility to switch it to a rental if necessary). Thanks
My wife and I are considering purchasing a brownstone — midtown east. There are three rent stabilized apartments.
What have your experience been with rent stabilized renters?
OP here: Thanks for the tips. The property currently is an SRO and does not have a C of O. Looks like the process will be terribly complicated plus I hadn’t really thought of “coming home to a biohazard box” – I have a 2 yo. So will probably just do a rental.
I also bought a brownstone with a c of o for a doctor’s office, a real wreck. After consulting with my wife we decided coming home to a biohazard box wasn’t want we had in mind, so we renovated it into a convential floor-though rental.
i bought a brownstone 2 years ago and was in the exact same position with the exact same ideas you have.
after some research i found that my c of o is specific to a doctors office. therefore only a “doctors” office is legal (i can stretch it a bit to include a vet., dentist, massage therapist, etc…, but not a store for example). i ended up just renting it out as an apartment after renovating it. good luck.
i bought a brownstone 2 years ago and was in the exact same position with the exact same ideas you have.
after some research i found that my c of o is specific to a doctors office. therefore only a “doctors” office is legal (i can stretch it a bit to include a vet., dentist, massage therapist, etc…, but not a store for example). i ended up just renting it out as an apartment after renovating it. good luck.
One important thing to check: your C of O. Certificates are very specific about what the building can be used for (Doctor’s office vs. retail, etc.)
A lot depends on what the current C of O is. If it currently allows a commercial space then it is much easier. If the C of O is for a residential space, even if the zoning allows commercial, then you will need to get a new C of O.