Costs for Condo Conversion
Has anyone converted a 3 family into condos? I’m curious what the costs are. This is a new construction in Brooklyn, with a 25 year 421-a tax abatement about to be approved. There are rental tenants already, and I’m aware they would have to vacate voluntarily. Aside from the tenant issue, has anyone had experience…
Has anyone converted a 3 family into condos? I’m curious what the costs are. This is a new construction in Brooklyn, with a 25 year 421-a tax abatement about to be approved. There are rental tenants already, and I’m aware they would have to vacate voluntarily. Aside from the tenant issue, has anyone had experience or are there any architects/lawyers out there who have filed and completed such a process? Thanks!
I recommend Phil Lavender in Fort Greene, at (718) 643-6555. He is a pleasure to deal with, you can mention my name.
contact complete condo services at 718 875-9100. Speak to Simon. They will handle everything from a to z.
I’m in the process of doing this. It’s a really long process. I’m doing it with tenants inside.
If the building can be converted to 3 separate condos without any physical changes, the costs are more or less as follows:
– lawyer specialized in condo conversion (12k and up).
– architect for Condo Architect’s Report (4k to 6k).
Conversion fee to be paid to the state is based on a percentage of the projected sale price of the condos. (can’t remember the percentage for sure but i think is 0.4%)
things to keep in mind:
– because you have a 421-a tax abatement application already in the making, you might not be able to have both the conversion and the 421-a benefits: Your 421-a application must have been for a rental building, not sure if and or how late in the game you can change it to condo.
– If you need to make changes to the building, factor in all the additional costs: architect, DOB, permits, inspections, GC, actual works, etc
– once the conversion is approved, you still have to sell at least one unit before the condo is declared effective. if you fail to sell at least one unit within 12 month from the date the conversion is approved by the AG… you are back to square one.
I hope this helps,
good luck.