How hard is it to convert a 6 family to a 4 family?

Thanks for the feedback.  Can you recommend a lawyer for me to speak with re: the RS issue?

monkey1

in Expeditors 12 years and 7 months ago

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monkey1 | 12 years and 7 months ago

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Hello, I’m considering purchasing a 6 family property (brownstone) that will be delivered vacant.  My plan is convert it to a 4 family and take advantage of FHA financing.  Given that a 6 family automatically falls under rent regulation, how hard is it to convert it to a 4 family?  I’m not worried about the renovation, or the FHA loan, I’ve been through that before.  My question centers on dealing with the city, the DOB and converting the use of the building.  Has anyone done this?  Do you see any problems?  The building will be delivered vacant. Thank you for your input.

zampano | 12 years and 7 months ago

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This will work with FHA with some quirks because they may want the change before they finance ( been there on this one) and DOB will make it an Alt 2, but if you think that this is a way out of rent regulation, all your units had better have legal rents over $2500 because it isn’t that easy to get out of the regulation beast. Talk to a good lawyer with RS expertise if this is your angle.

rubyt | 12 years and 7 months ago

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Converting a 6 to a 4 will not exempt your building from rent stabilization. As the judge stated when I took my landlord to court because he tried to claim that my apartment was not subject to rent regulations because he had converted the 6 to a 5, if this were legal, half the landlords in Brooklyn would be doing it. P.S. A few years later, I bought the building. I’m fine with it.