Conversion of Brownstone into condo or co-ops?

Has anyone taken their 4 story brownstone and converted it into 2) duplexes? by way of a co-op or condo ? Where and how did you begin?

white-and-proud-in-plg

in General Discussion 8 years and 5 months ago

6

Please log in, in order to post replies!

6 replies

Newest Oldest

michaelphilipnyc | 8 years and 4 months ago

string(1) "1"
object(WP_User)#4921 (8) {
  ["data"]=>
  object(stdClass)#4909 (12) {
    ["ID"]=>
    string(6) "192785"
    ["user_login"]=>
    string(16) "michaelphilipnyc"
    ["user_pass"]=>
    string(34) "$P$Bt3.3jwLXdt36OnBJBiK87KyGDv0Mp0"
    ["user_nicename"]=>
    string(16) "michaelphilipnyc"
    ["user_email"]=>
    string(26) "michaelphilipnyc@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 13:44:07"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(29) "Michael Philip Michael Philip"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(192785)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I think it’s doable. Some owners would prefer not to be landlords. It may be possible to convert to condos for far less money if both units are owner occupied under a tenant-in-common (TIC) agreement. Owners do this in San Francisco all the time. For more info, contact me at dcarterproperties@gmail.com

clifton-girl | 8 years and 4 months ago

string(1) "1"
object(WP_User)#4920 (8) {
  ["data"]=>
  object(stdClass)#4919 (12) {
    ["ID"]=>
    string(6) "194455"
    ["user_login"]=>
    string(12) "clifton-girl"
    ["user_pass"]=>
    string(34) "$P$BfgAjqb9kmS.1Gtl7WJLjzL6X.Pkpi/"
    ["user_nicename"]=>
    string(12) "clifton-girl"
    ["user_email"]=>
    string(23) "adsmith@morganlewis.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2024-02-23 14:41:47"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(61) "Your first name Your last name Your first name Your last name"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(194455)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

It can be done- have to have a good attorney handle the condo plan among other things. When I did a condo conversion the cost was about $50,000 just to create the condo plan. On top of that an architect or expediter needs to deal with the DOB filings. Also, the taxes go up ten fold when you convert to condo and create new tax lots. The upside of a two family building is that you do not have to follow the same codes which 3 family and up buildings have to follow (sprinkler system, fire alarm, fire proof doors, etc). The costs just to convert to condo (not including any renovations) is between $100k and $200k depending on who you use. If you would like to discuss this further I can be reached at 6467158776.

slopefarm | 8 years and 4 months ago

string(1) "1"
object(WP_User)#4916 (8) {
  ["data"]=>
  object(stdClass)#4922 (12) {
    ["ID"]=>
    string(3) "655"
    ["user_login"]=>
    string(9) "slopefarm"
    ["user_pass"]=>
    string(34) "$P$BK7dzbqXJe9TV6iU0glcNZiXdOt9CR1"
    ["user_nicename"]=>
    string(9) "slopefarm"
    ["user_email"]=>
    string(18) "jrubin@law.nyc.gov"
    ["user_url"]=>
    string(24) "/forums/users/slopefarm/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:11:42"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "slopefarm"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(655)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Yes, talk to a mortgage broker, too. A 2 unit co-op or condo may knock out a lot of lenders (and therefore prospective buyers). Follow resident2’s advice. If you don;t want to live in the whole building, and want some financial benefit, rent out a duplex. I imagine the rental income from a brownstone duplex would far exceed the monthly payments (if you borrow the reno cost) and you will be able to shield the rental income from income taxes for years due to depreciating reno and various carrying costs.

alterboy | 8 years and 4 months ago

string(1) "1"
object(WP_User)#4921 (8) {
  ["data"]=>
  object(stdClass)#4923 (12) {
    ["ID"]=>
    string(5) "28448"
    ["user_login"]=>
    string(8) "alterboy"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(8) "alterboy"
    ["user_email"]=>
    string(20) "info@danielalter.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2009-04-02 01:25:18"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "alterboy"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(28448)
  ["caps"]=>
  array(0) {
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(0) {
  }
  ["allcaps"]=>
  array(0) {
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

There are people who condo brownstones all the time. The issues are high legal and other costs to make the units in to condos (legal fees are often based on the projected sale price and there are several other consultants required to make the prospectus complete) and, if there are only two units — 2 duplexes — then any repair costs will be borne by only those units making the entire condo potentially unstable. For that reason, 4 units rather than 2 may be more attractive when a prospective buyer is looking for financing.

LorEnz14 | 8 years and 4 months ago

string(1) "1"
object(WP_User)#4920 (8) {
  ["data"]=>
  object(stdClass)#4924 (12) {
    ["ID"]=>
    string(6) "116118"
    ["user_login"]=>
    string(8) "LorEnz14"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(8) "lorenz14"
    ["user_email"]=>
    string(18) "casacareri@aol.com"
    ["user_url"]=>
    string(52) "http://bstoner.wpengine.com/forums/users/casacareri/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:19:52"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "LorEnz14"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(116118)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

It can be done but you definitely need legal advice on how to proceed. Make sure to find someone well versed in such types of conversions. As resident2 said, it can be costly so you have to weigh the pros and cons.

resident2 | 8 years and 5 months ago

string(1) "1"
object(WP_User)#4916 (8) {
  ["data"]=>
  object(stdClass)#4925 (12) {
    ["ID"]=>
    string(6) "181002"
    ["user_login"]=>
    string(9) "resident2"
    ["user_pass"]=>
    string(34) "$P$BYKCrEpDU34.3RJghRPk8/Xp1XpCve/"
    ["user_nicename"]=>
    string(9) "resident2"
    ["user_email"]=>
    string(21) "Jamanda1255@Yahoo.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:33"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "resident2"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(181002)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Do not do it; it always ends up as a disaster. You are better off with a tenant that you have some control of, than a “Partner” that you have a stand off with at every issue.
The legal and conversion costs alone are enough to make most pause.