Bare minimum required to turn 3 fam brownstone into 2 condos

2 unit condos are perfectly fine. It’s 2 unit coops that are the problem with lenders. Many lenders will do 2 and 3 unit condo buildings. I’ve probably done half a dozen this year alone.

adam_dahill

in Conversion 10 years and 8 months ago

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gatesandbedford | 10 years and 8 months ago

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Hey all, There’ve been a few threads about converting brownstones to a condo and the number that seems to come up is 60-75K in legal and professional fees. That is a lot of money. What is the bare minimum that is required to turn a brownstone into a condo (3 fam to two duplexes) and how much of that could we do ourselves? Background: ex and I bought building, both still want to live there, but want the ability to sell our half of the building independently down the road. (Would do a TIC if in SF, but, well, we’re not). So the thought was to turn building into condo, continue living there (in effect buying the units from ourselves) and then when and if one of us wants to sell they can. Thanks!

daveinbedstuy | 10 years and 8 months ago

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Deeds can be TIC anywhere. Not an ideal structure though for what you are trying to accomplish.

dazednconfused2 | 10 years and 8 months ago

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Converting from 3 families to 2 is a big deal. Most likely, you’d be doing a significant renovation and filing it with the DOB. Going from 3 to 2 triggers sprinklers, so you could be forced to sprinkler the whole building. If this is something you’re serious about, you really should be calling architects to go over what work would need to be done to make this a legal two family.

gatesandbedford | 10 years and 8 months ago

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Thanks dave – agreed on both points. There seems to be no liquid market for them on the west coast.

gatesandbedford | 10 years and 8 months ago

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Thanks Jim – oof. understood. Will think more on it, and might give you a call.

dazednconfused2 | 10 years and 8 months ago

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Feel free to call to discuss: 646-309-7259.

resident2 | 10 years and 8 months ago

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Two family condo’s DO NOT WORK! Banks hate them so to get financing especially in a down market will be virtually impossible even if the other owner is fulfilling all of their financial obligations. Going forward the two owners are stuck with each other, but rarely agree on anything. I can show you too many buildings of condos that are unsalable and the owners are living with a night mare that they cannot wake up from. A co-op that forces each owner to “co-operate” with the other as to common maintenance issues, rental options, management etc., rights of first refusal in buy out situations etc. may work…..but will probably be de-coped in the future. At the end of the day, you may well work out that it is better to stay together (not literally) and have a buy out provision as part of your partnership agreement, even if the buy out means that one is forced to sell before they are ready to.