Purchasing Brownstone Conversion

At this stage the city is entering a period of little regard for homeowners, landlords and developers. In addition, technology is making it much easier to enforce rules and make new rules that might have been difficult to monitor or enforce in the past. If I were a buyer today, I’d be looking for good paperwork. It seems like Mrs. Murphy has died and gone to heaven, and all real estate in NYC is now owned by Mr. Trump, so that’s the experience I’d expect for the next cycle.

hkapstein

in General Discussion 4 years and 7 months ago

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Guest User | 4 years and 7 months ago

string(1) "3"
string(6) "202761"

I am considering purchasing a unit in a brownstone that is being converted to condo units, and wanted to understand the potential risks from tax, construction and other standpoints. Perusing past postings here has been immensely helpful and I was hoping from any advice from those who have insight on this.

One concern is any property tax implications of the conversion. From online records, the building was constructed prior to 1938 and has no Certificate of Occupancy, and no iCard with the HPD. It appears to be consistently classed as four units in records (Tax Class is 2A, 4-6 residential rental units; looking at the deeds available on ACRIS, it is also designated as four unit but there are no ACRIS records prior to 2000). The DOB permit for the renovation was an Alt-2 permit, providing for gut renovation, repairing floor and ceiling, and partition, and plumbing and mechanical work; the work permit seeks review under the 1968 code and describes it as a residential building under the old code. Based on this, it seems like the renovation work would not trigger requi rements for a CO and potentially higher assessment based on change in use, since there is no change in the number of units and no Alt-1 work, but I am not entirely sure as there are some references in the forum postings to renovations triggering the need for a CO and higher assessments, or where DOB determines that the original use is something other than the current use, leading to retroactively treating the past change as a conversion (sorry if that’s not worded right – basically, concerned there’s no historical documentation for the current four dwelling use).

Second, and more broadly, we’re wondering what to do to be thorough in diligencing of the unit, both legally and structurally. Would appreciate any thoughts on what issues/pitfalls to look in the construction, or whether there are certain elements that are bound to give rise to issues (e.g. addition of a W/D in pre-war brownstone, skylights etc.).

For advisors, would it be better/possible to have an engineering inspection rather than the usual home inspection? We like our real estate attorney, but is it advisable to retain someone who has significant experience with these types of conversions?

Guest User | 4 years and 7 months ago

string(1) "3"
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CJPW – As an architect, I can’t give you much insight into the department of finance, but you seem to have a good grasp on the issues related to CoO and DOB. If there is no current CoO and the I-Card shows 4-units, the DOB will accept the I-Card designation. If the renovation/condo conversion does not change the use/occupancy/egress, then it can be filed as an Alt-2 and will not result in a new CoO. Given your description, I wouldn’t expect the project to result in a new or altered CoO. The same logic applies to any future work you would do to a potential condo unit. So long as it doesn’t change use/occupancy/egress, it can be an Alt-2 filing. This would include new skylights, W/D vents, etc. In regards to construction pitfalls, any number of things could be discovered in an inspection. If you are planning to do work in the near future, you may want to engage an architect/engineer to visit the unit and give you an assessment of your project’s feasibility.

cate | 4 years and 7 months ago

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You can hire a certified home inspector who is also a licensed structural engineer. As to the taxes, wouldn’t that be disclosed by the seller/developer before you purchase? Perhaps in the condo offering plan? The building should receive a new C of O before you close and your attorney should include appropriate measures in the deal. Personally, yes, I would hire a real estate attorney with new condo conversion experience if it were me.

Guest User | 4 years and 7 months ago

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Thank you PA and Cate! Really appreciate the guidance and additional information on what Alt-2 covers, and will definitely use a someone with structural engineering qualifications, and an attorney with conversion experience.

I do expect the condo docs to disclose the anticipated taxes – it just seems such a gray area and one that’s given people surprises and I was concerned about how reliable it would be. It might not be fatal in terms of carrying costs but would change the math.

Thanks again – really hoping this happens, moved five years ago into a place with SO, but miss my old neighborhood so much.

cate | 4 years and 7 months ago

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The building will need a condo offering plan certified by the New York State Attorney General. You should be able to find the plan online if it exists. Once the building is converted to condos, each unit will be taxed as a condo, and the tax amount will have nothing to do with the prior tax. (Condos and co-ops are taxed differently than other types of buildings in NYC.) From your description of the building, it sounds like it was probably originally a townhouse. Your inspector will check out the roof, mechanicals, cellar, etc. Personally, I’d keep an eye out for leaks in the cellar, and I’m not a big fan of forced air heat or using electrical a/c units as the sole heat source in NYC. Often with conversions they “finish” the cellar and present it as living space or storage. If it’s an English basement this may work but regular cellars built before 1900 or so are typically porous and damp even with dehumidifiers, making them most suitable for the storage of tools and bikes rather than, say, papers, upholstery and clothing.

Guest User | 4 years and 7 months ago

string(1) "3"
string(6) "202761"

Good to know on the taxes. It was previously recorded as subdivided into a multi-unit dwelling pre-1938, (in the iCard, which I finally found), and has been categorized as a class 2A as far back as i could see, but agree the condo plan and attorneys will need to review what the conversion will do.

Will avoid the basement! Have yet to be in one that’s not had the damp cellar., and would prefer less space, more light.