Time frame for converting brownstone to condo

Hi, I am a newbie trying to convert brownstone to condo. Need an advisor who has been there done that. We know some attorney who can draft condo book and contractor who can do renovation. But they have not done conversion before so we need guidance to avoid traps. My cell: 917-533-1895. Thanks.

mark10023

in General Discussion 6 years and 11 months ago

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chemosphere | 6 years and 11 months ago

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meh. I know somebody who did this in Prospect Heights. It was a pain, but he did it. So to say it can’t be done is not true. Took about 2 years IIRC.

slopefarm | 6 years and 11 months ago

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This forum is to provide advice. that ranges for “here’s how I did it” and “here’s how you should do it” to “OMG don’t do it!” Sometimes, a question just screams that the author is in over his/her head. If a bunch of folks here are telling you the latter, you ignore the advice at your peril. You might want to explore why you are getting that response, however.

angelique.m.west | 6 years and 11 months ago

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Why not just purchase a small apartment building, renovate it and rent the apartments? While this isn’t for the faint of heart either, you can get immediate cash flow while the property is gaining in value. In a few years you can walk away with the profit and you will have avoided plenty of headaches.

Given the current sky high values of brownstones, it’s difficult to see how you will make money from a condo conversion. Maybe before you hire a lawyer you should sit down with an experienced realtor and ask them to run the numbers for you.

Regarding the advice you’re getting on this site it can’t serve as a proxy for a lawyer who can discuss your specific situation.

mark10023 | 6 years and 11 months ago

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so this website is just to warn people do not do conversion? why not tell people how to do it properly?

resident2 | 6 years and 11 months ago

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“DONT DO IT? Then why we have this site to start with?”…. To help people from making huge mistakes & getting into things that you are not prepared for.
You are free to do whatever you want, you do not need to take advise, warnings etc.

mark10023 | 6 years and 11 months ago

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ok I will make sure the contractor gets proper insurance. That is very encouraging for brownstoner here……..DONT DO IT? Then why we have this site to start with?

mozeeatupu | 6 years and 11 months ago

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Out of curiosity, is it 7 years from last unit sold or some other timetable?

resident2 | 6 years and 11 months ago

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If your Attorney cannot answer this question; do not use them. If your contractor has not worked on a condo conversion before : do not use them.
As the developer of a condo you are liable for the construction and mechanical systems for a period of time after the building has all sold out, generally seven years.
If your contractor cannot get a bond or insurance to cover their work, you get sued. Your Attorney should be able to explain all this….. The conversion takes as long as you do to care of the construction, you sell out all your apartments… plus seven years of hoping you do not get sued for some construction defect.
If this is not your normal business, do not do it.