Co-op selling roof rights

Our co-op could use some updates that our out of our budget (roof repairs, oil to gas conversion, painting, exterior work, etc.). The top floor, rear unit is about to go on the market and we’re considering selling the roof rights to approx. 450 sq. ft. above this apartment. I believe that a deck or single story rear, rooftop addition would fall within our zoning allowances. A few questions: 1\. Assuming that the top floor apartment sells for $300,000, is it safe to estimate that the roof rights could sell for $100,00? 2\. Is it fair to assume that the buyer would make all updates to the space? 3\. Would roof access affect the co-op’s insurance given that only the unit with roof rights would have access? Thanks for your input!

whaaaaaaaat

in Co-Op Related 11 years and 7 months ago

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arch007 | 11 years and 7 months ago

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1\. I don’t know the value 2\. Partially- see below. 3\. Yes Only 20% of the roof can have a combustible deck on it. However there is a wood product available that is rated as non-combustible(according to DOB) If you provide access even to one person, you will need a 42″ H. railing around the entire perimeter of the roof.(doubt the new owner wants to pay for that, cost is around $10,000-depending on size of roof of course) http://nyc-dob.com