Buying a Landmark Townhouse with Violations
We are considering purchasing a townhouse. But there are currently two LPC violations on the exterior that would need to be addressed by the new owners. In particular all the windows need to be replaced (current owners put in cheap plastic ones) and the cornice is missing. It looks awful and I don’t know what…
We are considering purchasing a townhouse. But there are currently two LPC violations on the exterior that would need to be addressed by the new owners. In particular all the windows need to be replaced (current owners put in cheap plastic ones) and the cornice is missing. It looks awful and I don’t know what the current owners were thinking.
In any case, I know we would be responsible for the update. I have no idea what that would cost. I imagine the cornice would be quite expensive as it would require scaffolding. We are getting estimates this week, and this will likely be a dealbreaker for us. If not, we will adjust our offer accordingly.
But my question is, if we did decide to go ahead with it and buy the place, how much time do we have to address the violations? Does it have to be done immediately? Would LPC fine us for every month it’s not done? Or would we be able to file for an extension to buy some time?
Cornice price will be much more than $5000 – at least double. Take into account that you may need scaffolding to install the cornice. But definitely use fiberglas – easier to maintain than wood.
Houses are bought and sold all the time with landmarks violations. Speak with the Commission and ask them to look at the house to make sure there are no other violations waiting to be uncovered.
The staffers at the Landmarks Commission will work with you and your architect if you approach them in good faith.
However, if you think $5,000 is too expensive for a new cornice, you may not fully realize what you are getting into.
For windows assume $1200ea for standard double hung, $1800 for arched. Installation is another $500ea min per window.
Had a similar problem last year in that we were trying to close on a TCO (temporary certificate of occupancy) which needed LPC sign-off before DOB would issue final CO. Had a hard time finding a bank willing to close w/o all of this resolved.
It does depend on the bank for a loan (refi or purchase). But it also could depend on the title company. With so many unknown variables, you don’t want to be left on the hook by some unscrupulous seller.
we had landmark violations and the bank wouldn’t close until they were fixed. the seller fixed some and we fixed some. so it does depend on the bank.
I wouldn’t worry about fines — I’d worry about the difficulty in getting a mortgage. My vague understanding is that most (all?) banks won’t lend against a property with outstanding violations. A conversation with a good mortgage broker should give you a general sense of the answer.
The seller should fix the problem they created, or give you a discount equal to the cost of remedying the situation. You can get an estimate for replacing the windows and fixing the cornice, and ask the seller to rebate that amount at closing, so you have the cash to fix these issues without holding the sale back.
PS – regarding time to correct, there is no deadline. But as noted, an open violation will prevent you from getting a DOB permit.