Condo Conversion: anyone do one?

I told my sister I would ask here. She’s an empty nester and is thinking about turning her brownstone into 2 condos. She’s meeting with a lawyer who has done a bunch of conversions and she asked me to go with her. I don’t think it’s a great idea. I think she should just sell outright. But I’m wondering if anyone has any thoughts or experience and can point out pros and cons. Thanks!

miss718

in About Brooklyn 9 years and 6 months ago

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shahnandersen

in About Brooklyn 9 years and 6 months ago

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Here’s an out of the box thought. How about selling the house with the condition that your sister remain as a tenant. This would require a good lawyer and an understanding broker, but it could be done.

cmu | 9 years and 6 months ago

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>Two family condos do not work. Period. Of course, several thousand San Franciscans, where 2 and 3-apt shared ownership (not even condos, tenants-in-common) is routine, will disagree. But here, it’s probably true. I tried to do this several years ago, and after several frustrating months of talks with potential partners, concluded that New Yorkers are too untrusting and ready-to-call-a-lawyer for this to work.

resident2 | 9 years and 6 months ago

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Two family condos do not work. Period. If your sister wants to stay in the house, it would be better to rent the other unit and have someone manage the tenant for her if she does not want to be “landlord” and the manager will manage all the maintenance etc. Or just sell the whole house and buy something smaller and more manageable, but a two family condo will always eventually be a nightmare. The Lawyer will say it can be done…. but the practicalities going forward do not work.

RG | 9 years and 6 months ago

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Why not live in one unit and rent the other? This way she has the income for the maintenance of the brownstone (which we all know is quite high) and still has the control of the building. What would worry me in selling half the house is that the new owner might have different priorities/preferences as to how to maintain a brownstone (does it need a new roof, painting, facade work, etc ?). I would either keep or sell the entire house, not half of it.

primebrooklyn | 9 years and 6 months ago

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My first question would be how a bank would look at a two unit condo building. Would be hard to get a buyer financing on that type of property I bet. Sounds like your sister may have some emotional attachment to staying in the property but doesn’t want to have the burden of maintaining an entire building on her own. I would just sell the whole brownstone. Market is strong for that type of sale at the moment, if building is in a high demand location, then proceeds could buy her a condo unit in a brownstone elsewhere and still have $$$ in pocket.

espeon | 9 years and 6 months ago

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Don’t know the existing layout but the construction aspect could be substantial. Given the strong market for entire townhouses, it may not be worth it unless she wants to keep one unit for the family?