C/O Change Question

I am an architect I am doing an SRO conversion in BK right now. If you want to talk give me a call 212 321 0194 – Jorge

JorgeF

in General Discussion 8 years and 6 months ago

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orgcoun26 | 8 years and 6 months ago

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I’m looking to potentially buy a house that has an interesting cert of occupancy. It’s registered by the Department of Finance as a 2 family and by the Dept of Buildings as a 1 Class A unit and 7 Class B units. The seller has obtained a cert of non-harassment.

We want to renovate the property so we can live in the top of the house and legally rent out the garden apartment, which is I think means we need to turn it into 2 Class A units. We know that we need to engage an architect to assist in the application/expediting, etc.

Does anyone see any issues with all this? Would DOB refuse the application because we would be reducing the number of Class B units in the area? Realize it’s a slightly open-ended question, but I’m new to NYC real estate and I’m a little nervous that something will send our plans off the track.

Thanks.

agdipierro

in General Discussion 8 years and 6 months ago

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Research the property more. Look on the HPD website and at historical records at the building department. In general, going from a greater number of occupants to fewer is easier than the other way around. Changing a CO takes several month.

resident2 | 8 years and 6 months ago

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The Department of Finance classification has nothing to do with the legal use.
If the legal use with the DOB is as one class A unit + 7 Class B rooms, then that is the current legal use, the fact that the current owner has perhaps been using it as a 2 family and paying taxes as lower tax class; 1 & 2 families are a much lower tax class than multiple dwelling rental units, has nothing to do with legal use.
But all that said buying a rooming house (SRO etc) is not for the novice unless you have very good professionals that know what they are doing and deep pockets to carry and pay for it all. It is going to take 18 months to two years to get it complete if all goes relatively smoothly, the time is due to all the DOB departments being so back logged, construction workers all over scheduled etc.
If you do want to pursue this make sure you use an Attorney that specializes in Brooklyn Townhouse sales and has been around doing it for ten years or more.

orgcoun26 | 8 years and 6 months ago

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Thanks very much for your quick responses. When you say I need deep pockets, is that just to carry the cost of the property while renovations are taking place? The renovations themselves? Do you know of any reason the DOB would refuse my application?

bk123 | 8 years and 6 months ago

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Do the DOB application under the exist owner, that way if it blows up you won’t get screwed. Of course they will never agree to that, but if you could make it to the first DOB plan review you will be miles ahead in reducing risk. And forget what DOF classification means, it counts for nothing.

Arkady | 8 years and 6 months ago

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Resident 2 is spot on. Neighbors of mine took years to get the change made.

Augustiner | 8 years and 6 months ago

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All I can say is ask others who have done SRO conversions. I hope you have a realistic budget. The numbers you should look at is for a full gut renovation

orgcoun26 | 8 years and 6 months ago

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My budget is in the $400K range. It’s not quite enough for a full gut, but should allow for some significant changes. I guess what is unclear to me is how much of the budget will be consumed by things that are required for the change (and that I cannot now foresee) vs. stuff I would just normally want as part of a significant renovation. Any ideas?