Adding Another Floor- Cost?
I’m considering a purchase of this two family around the Grand stop on the L line. What I would like to do is add one or two stories to the building. The FAR as built is 0.62 and the Max FAR allowed is 2.43 so the maximum usable floor area is 6,075 sq ft (lot…
I’m considering a purchase of this two family around the Grand stop on the L line. What I would like to do is add one or two stories to the building.
The FAR as built is 0.62
and the Max FAR allowed is 2.43 so the maximum usable floor area is 6,075 sq ft (lot size is 2,500). My knowledge of construction costs is limited so I was wondering roughly if anyone knows the costs to add one or two stories to an exsisting structure and other elements that I should be concerned with. I would live in one unit and rent out the others. Can probably purchase the unit at around $700K.
– 1930’s building.
– Current SQ Footage 1,560
– Current mechanicals in good condition.
Thanks in advance for any guidance you can give.
dgreen
You need an architect to check setback and side lot restrictions, never ASSume!
i got my park slope place :).
7:39 – could you just clarify about the comment that conforming is less than $801K – I had thought that jumbo was anything over ~$417k…but I would be very happy to learn if I am missing something or if there is a creative way to expand the conforming ceiling…please tell…
4-fam is definitely residential and if the mortgage you take is $801,950 or less you can put as little as 3% down. This is a conforming loan – vs. a jumbo loan – and the rates are very competitive.
A construction loan on the other hand will be much more expensive and will most likely require a larger downpayment.
So if you are trying to keep the costs down go with an existing structure rather than trying to manage a construction project.
It is not allowable by code to increase an existing frame constructed townhouse to 4 stories. 3 stories will be your maximum.
ArmChair-
Talking about good old Jose? Yeah- pretty lame. I pretty much have to stalk him. He told me that the owner never gets back to him either and he has trouble getting a clear answer from them so…
Where did you end of buying?
Strange as it may seem, new construction can be simpler than finish work patching/matching involved in interior renovation jobs, so can actually be less expensive.
btw how did you get a hold of the sales person. for a whole spring/summer i try to reach them LOL.
i was trying to get this place before my current purchase. but the sales person never ever bother to call me back.
Smokychimp, the $250K referred to above is $250,000, not $250 per square foot.
And if you can find someone to do the work for $160/sf, I’d be scared of the quality. That’s a pretty normal price for just an interior renovation job, not including an entirely new structure and roof and stairs, etc.
Scary.