Brownstone condo

ASN – the financing issue is not because it is a condo, it is because it is a 3-unit building. OP – suggest calling your bank or mortgage broker to see what they say about financing.

bedstuytownhouse

in About Brooklyn 11 years and 1 month ago

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enew555 | 11 years and 1 month ago

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What are the pros and cons to converting a 3 unit brownstone?

bedstuytownhouse | 11 years and 1 month ago

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You’ll have a limited pool of buyers when you go to sell your unit as financing will be extremely difficult, and, face it, people looking to buy brownstone condos are doing so because they cannot afford the entire building on their own.

brucef | 11 years and 1 month ago

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75K in legal and professional fees is spread only (3) ways, in addition to above stated purchasing issues. RE tax following conversion will be higher than current RE taxes. The numbers don’t work.

asimplenoise | 11 years and 1 month ago

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I’m interested in this topic, but not sure I entirely understand the comments above. I believe that certain multi-family properties can be quite a bit more valuable on the open market as three condo units vs a single multi-family in a sell scenario even with $75k in fees for the conversion considered. What is so difficult about securing financing for condo apartments – am I mistaken in my assumption that there is a pretty booming market for 1/2/3 bedroom condos currently with plenty of qualified buyers out there. I would think the answer to this question has more to do with the value of and market for the condo units for a particular property, thoughts?