Combining Apartments
We own 2 cooperative apartments – a 1 bedroom and 2 bedroom side by side w/ a total square footage of 1,750. As we mull over the various alternatives of whether to sell both and purchase a stand-alone house (my biggest wish) – I wonder what renovation costs could be to break through and combine….
We own 2 cooperative apartments – a 1 bedroom and 2 bedroom side by side w/ a total square footage of 1,750. As we mull over the various alternatives of whether to sell both and purchase a stand-alone house (my biggest wish) – I wonder what renovation costs could be to break through and combine. Additionally curious to know if combining the units would increase the overall resale value.
I have looked over the various architects (Richard Perry!) and designers previously suggested on the Forum for this kind of work and know that we simply don’t want to break through but to overhaul the layout to reflect a single 3 bedroom, 2 bath apartment.
Apartments are not a wreck, we did nice renovations on each w/new kitchens and floors.
I’m thinking 100K – curious to know the experiences of others.
And any suggestions for architects, please don’t hesitate. Thank you.
Listen to everybody saying the double-maintenance fee monthly on a combined apartment would be difficult for resale. Even in Brooklyn Heights or Park Slope – we know somebody who did it on the UWS in Manhattan and now they’re stuck and can’t sell. We own and live in PLG/LM and I agree with Babs if people come here for more space they get a house for $850K. Several non-LM blocks in PLG are fine and getting better and there are houses to be had there for under $850K. I also agree PLG is a 5-10 year wait to see more dramatic changes if one buys now, since that topic came up. That’s what we’re figuring. Then again even in 3 years we’ve seen a lot change so who knows. Especially the renter population. My husband recently told me a hilarious story, how he was riding home on the Q and he looked around at all the “beautiful people”, the stylish, attractive 20-somethings. He sighed pathetically and thought to himself, gosh I miss Park Slope. But when the train stopped at 7th Ave none of the beautiful people got off. They got off at our stop, Prospect Park.
Thinking about doing something similar in Brooklyn Heights. Will require ripping out a concrete wall, almost a full gut on the kitchen, renovating two bathrooms and some general clean-up in the second apartment. Looking for contractor recommendations for cost estimates.
And BTW real estate prices are no longer sinking daily — according to an appraiser I spoke with yesterday, his firm (one of the largest in NYC) is preparing to reclassify many Brooklyn neighborhoods (Williamsburg, Brooklyn Heights, Cobble Hill, Carroll Gardens, Park Slope) as “stable” instead of “declining,” based on absorption rates. He said they really don’t have enough statistics in other areas to make any determination yet, but he imagines conditions would be similar.
“Big apartments there are fairly easy to find.” Not really — of all the co-op sales I’ve seen in PLG in the last several years, the vast majority have been studios and 1 bedrooms. At 50 Lefferts Ave., for example, only 1 two bedroom unit has come on the marke tin the past five years (sold as a FSBO). There was also a two bedroom at 135 Hawthorne St over the summer. The only other sizeable apartments in PLG have been at 80 Winthrop St., a problematic building due to its low owner-occupancy percentage. I would think that a large apartment on Ocean Ave. would be very desirable, but potential problems include 1. Co-op approval needed to combine units and for all construction, 2. the % of owner-occupancy in some of the buildings on Ocean is still below 50%, making financing problematic, and 3. many people moving to PLG want houses, and houses are available (even in Lefferts Manor) for less than $850K — 29 Maple St sold for $830K in July and 19 Maple is currently in contract for the same or slightly less.
not only double maintenance but double assessments, eek!
i guess another thing to consider is that you’ll have to live elsewhere while the work is being done to combine the apartments, versus moving into a house that is all ready to go.
Great local architect that can help you if you decide to do the combination is:
Gowanus Design Initiative
Alan Barr
alan@gowanus-design.com
917.748.0119
Good luck!
“Folks with the means to buy large apartments in this economy with current lending hassles are able to be very picky.”
I find that counterintuitive. Seems large apartments are rare and would command a premium. But you’re the expert.
***Bill Thompson for Mayor***
You’re right, PLG is not ready for prime time. Big apartments there are fairly easy to find. Sell separately.
The whole is greater than the sum of its parts. Unless you are in a semi-crappy location, then who knows? But if you are in Brooklyn Heights or Park Slope or possibly Prospect Heights, I would say open a door between the two units paint and furnish sparingly and go with that.