adjacent apartments

we own an 1100 sq foot apartment in brooklyn heights and just purchased the studio next door. do we need to combine the apartments before listing, or is there a market for adjacent apartments that aren’t yet combined? not sure if the buyer would rather control all the renovations or if we need to go through the process first for best results. would love to hear some thoughts!

closetfull

in General Discussion 9 years and 10 months ago

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deanbh | 9 years and 9 months ago

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lol yep agree @daveinbedstuy this info is totally wrong

Though there are hoops eg with us was the first time Chase wouldnt but Citi would (and didnt care on two titles)

Next time we financed Citi wouldn’t….but Chase would (though required single title).

Third time was Wells Fargo (though recently refi’d through BOA for cheaper rate)

daveinbedstuy | 9 years and 9 months ago

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> @resident2
> no bank will lend to one buyer to buy two apartments in the same building

Not necessarily. Will largely depend upon how many units in that building.

deanbh | 9 years and 9 months ago

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@NYC_Sport lol you are so wrong. We’ve combined three and the combined value easily exceeds the original sale prices.

@AlexJones if you like renovating….then yes do a full gut combination and enjoy the extra space…..i find New Yorkers dont like to renovate and prefer the “hard work completed” this said….i’d prefer to renovate myself so you can customise all of the features to my personal tastes etc.

I’d try listing as a “combo opportunity” with suggested plan layouts available for a quick profit and if you dont get your asking price…….renovate do all the work and get the extra profits that come with it.

resident2 | 9 years and 10 months ago

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There is not enough information here to make a real judgement.
But it will depend on your co-op board, your buyers finances; no bank will lend to one buyer to buy two apartments in the same building, and they will not finance a construction project. So you will need a cash buyer.
If you want to sell quickly, then sell as two separate apartments to two separate buyers. If you want to have a long project before you sell; bare in mind it may take you two years to get all the paperwork signed off etc ready to close and who knows where the market will be then…….

nyc_sport | 9 years and 10 months ago

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If you purchased the adjacent apartment solely to sell the two units, there is no way that you will recoup the costs of combining and renovating them simply to sell then combined units. Nor will you recoup the lost hair and sleepless nights of renovating in NYC.