We are finally ready to start the process of converting the brownstone we bought with a friend into 2 condos. I am wondering if anyone has done this type of conversion recently and would like to share their experience. We have recently spoken to a mortgage broker and he mentioned that only a few banks write mortgages for 2 apt condos. Thanks.


Comments

  1. Also interested in converting a townhome/brownstone into Condos. What are the base requirements of a building for it to be possible to convert to condo or co-op, specifically lot size/building dimensions, etc?

  2. I too am interested in converting my 2 family home into 2 condos.  I would like to stay in NY but (like all of us) lost so much of my retirement money thought the best way to go would be to sell the upstairs apartment to pay off my mortgage. How do I begin? Any advice would be appreciated.

  3. Hi There. We are thinking of doing the same with a friend. Buying a 4 floor brownstone and splitting it into two condos. My husband and I will live on the two lower floors, and our friend would live on the two upper floors.

    Have you made progress on the conversion?

    How did you all go in together on the mortgage? I would love some advice. Thank you!

  4. Yes only a few banks write mortgages for small condos but the ones that do are still very aggressive with interest rates. You should still get the same rate that you would get on a large condo so I wouldn’t fret too much on that. You can give me a ring to discuss further.

    Do you have an attorney that is going to draw up the offering plan?

    -Adam Dahill