Brownstone Conversion To Co-op
Does anyone have experience or advice on converting a brownstone into a 2-unit co-op/condo? Time frame? Hassles? Cost? It’s a 4-flrs, quite non-conforming…no CO. Thanks
Does anyone have experience or advice on converting a brownstone into a 2-unit co-op/condo? Time frame? Hassles? Cost?
It’s a 4-flrs, quite non-conforming…no CO.
Thanks
Hi…I have previous experience in condo/coop offering plans in NYC. An answer to your question requires further information. If you would like some assistance, let me know & we can talk further.
First of all, it would have to be a condo. I don’t think you can do a co-op with only two units. Second, if it’s so non-conforming that it doesn’t have a CO, you’d have to have concrete plans and a projected budget for obtaining one before any plan would be approved by the AG’s office. (This takes months, btw, and does cost money in lawyer/architect/engineer/appraisor fees.) Third, selling the units might be difficult, in part because there are only two (as referenced in previous post), but also because of the CO problem and the general state of the economy these days.
Main problem is dividing up the common interest (condo)or the shares (coop) – if you make it 50/50 your setting up a stalemate situation. If you make one unit bigger than the other, the smaller unit owner is perpetually at the mercy of the larger. Both are a hard sell.