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
Really (Heatherie)- I’ve been told that with a 4 family you definately need to get a commercial loan.
4 stories doesn’t mean 4 family
Whether or not there are any available is a different matter, but a 4-story, 4-apartment home is still considered residential by lenders. It does have a slightly higher mortgage recording tax though. Our experience has been that 5-family is where the “commercial” issue starts to kick in.
To answer the question about construction cost, you could use a ballpark figure of $160 to $180 per square foot for purposes of an estimate, considering frame construction. $250 is more like Manhattan prices.
What is the zoning category for the building?
Thanks everyone for the feedback. Yes, I need to confirm the FAR via an architect.
As I understand it (11:30AM) a four-storey building zoned as 4 apartments would require a commercial loan which would mean 1/3 downpayment and a higher interest rate…something I can’t afford. It actually might be cheaper and I could finance more building it out. I would need to run all the numbers once I have more info.
Actually not too many 3-4 apartment houses in williamsburg that seem affordable…at least to me
“why not just BUY a four-storey building in the first place?????”
yes, the supply of these is plentiful and the prices are affordable.
why not just BUY a four-storey building in the first place?????
Agree with confirming the FAR number. You also have to find out if there are any height restrictions in your zone. As far as cost, we consulted two architects about adding a half-floor to the top of our 19×45 brick rowhouse and were ballpark’d at $200-$250K. One architect said that the cost of a full floor would not be as much incrementally (i.e. not double the cost) because the labor costs are a big chunk of the overall budget, involving structural and mechanical engineers plus approval for a crane to hoist the support beams to the top of the house.
Where’d you get 2.43 from, Property Shark? An overzealous sales agent? First thing you have to do is hire an architect or zoning specialist to confirm the FAR for you. This is not a question that lay people can answer. –Brooklyn architect (not “A Brooklyn Architect”, another one).