Converting B'stone Into Condo
My family owns a 5 family brownstone in Bed Stuy. We would like to convert it into condos. Does anyone have any advice on how we should get started? What pitfalls should look out for in terms of taxes and conversion fees?
My family owns a 5 family brownstone in Bed Stuy. We would like to convert it into condos. Does anyone have any advice on how we should get started? What pitfalls should look out for in terms of taxes and conversion fees?
I know some great architects in the ft. green / clinton hill / bed sty hoods. Feel free to email me if you want more info. tmartin@wedesign-nyc.com
Amy, Which building did you convert? Are all the units sold? Do you guys live in the building?
call harold gruber for a condo lawyer, 718 788 7722. he will be cheaper and he knows what he is doing
Although we ended up not doing a conversion, I would second Marcus Attys in Fort Greene–very easy to work with and knowledgeable on this topic.
Hey again,
I just noticed this came from Ibointeriors… if this is the woman whose name I won’t write here who had Ibo Landing and helped us with paint colors, tile, interior design etc. on our condo conversion than please let me know and I’d be happy to share any more details with you etc. I can give you a call if you don’t still have my number. And if it is you I feel way better about you doing a conversion – you’ll make it lovely. 🙂
Hey there,
We did the same thing in Bed-Stuy and were glad we did, but it is a long, expensive, and maddening process. I agree first thing to do is get a lawyer. We used Marcus Attorneys on Ft. Greene and I would recommend them. Guillermo (Bill) Santiago was our guy (you can tell him Amy and Mike say hi) and he was helpful, though I did stay on top of things (which you should do with anyone) to keep it moving as everyone is busy and has lots of projects going on. A good architect is a must and preferably one that has experience with conversions. Bill recommended ours and he was by far the cheapest but not the best (we knew that going in), I can’t say I recommend him, but we just had a really good experience with the architect Aaron McDonald (www.buildme.net) – I’d recommend calling him. All in all it probably cost us 50-60K to convert (including lawyer, architect, fees etc.) If you have to do any construction on top of that it could go way up from there. Hope that helps?
And because I can’t help it (and please don’t take this personally, it is years of seeing crappy work in Bed-Stuy), if you are going to sell these as condo’s then please, please, please, consider who will be buying and build to their taste (read: people priced out of Park Slope, Ft. Greene etc looking for a lovely home). The last thing bed-stuy needs is another crappy remodel posing as nice. Instead, MAKE it nice, and if your taste isn’t what you are seeing in brownstone condos in PS and FG then find someone to help you who does have that taste (and listen to them). Lastly, please don’t try to cram too much into a small space. If the space wants to be a one bedroom one bath then make it a one bedroom one bath – don’t think adding another bedroom or bath will help you get a higher price, it won’t. It will just mean you have a hard time selling and you’ll end up losing money in the end… I guess what I’m saying is that if you create the space with integrity and consideration it will pay you back many times over. Sorry if all that sounded preachy, but I think that is what allowed us to sell all four of our condos on the first day we showed them, and I’d love for you to have the same experience. Good luck!
Clearly if the family seeks all the information now that they need for a conversion for condominiums, it will inform a discussion as to how a jointly owned asset can be divided among individual family members. If the family carries through with the conversion, then the family members can decide if and when they will cash in so to speak.
Ditmas you are on point with that one. Talk about being three years too late. Rental property is much better idea right now in this market.
Sorry, that snark was uncalled for.