Does Anyone Know What it Costs to Convert from a 4 Family to a 3 Family?

I’m in the process of buying a legal 4 family brownstone and am planning to combine 2 floors and use it as a 3 family.  Does anyone know what it will cost — not for the renovation, but to file the paperwork with the City?   I just came across an article in the NY TImes that was shocking.  State law prohibits the City from imposing more than incremental tax increases, but there is a loophole — the City can raise taxes all- at-once when you do renovations based on the amount of the value of those renovations, as determined by the City.  On a 4 family home, the City can raise taxes $5.50 per $100 in value of renovations.  On a $400,000 renovation of a 4 family home, the City can increase taxes by $22,000\. On 3 family homes, the rate of taxation is $.91-per-$100 in the value of renovations, or $3,640 for the same $400,000\.  http://www.nytimes.com/2005/02/20/realestate/20cov.html?pagewanted=3&_r=2&sq=taxes%20four-family&st=nyt&oref=slogin&scp=4\.  The differernce in rate is because 4 family homes are considered to be commercial, whereas 3 families are residential.

brett195

in Masonry 12 years and 6 months ago

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tododesign | 12 years and 6 months ago

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We are currently converting a single family townhouse to 2 family in the Bronx. This requires Alt 1\. Expeditor cost is around 5-6k plus architects fee. Call us if you need architects to do the filing and/or the renovation. Silva 917.622.2462\. www.tododesign.com

fawn | 12 years and 6 months ago

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I’m doing  a C of O change now. You may also need to bring the building up to code for a 3 family. Depending on what shape your building is in, that could add expenses. You should talk to an architect.

goh | 12 years and 6 months ago

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Hello, I can only comment on the architectural side, a real estate lawyer would need to be contacted for further information.   I would estimate 3 -6K for a expeditor to file the architect’s drawings, obtain all permits, and amend the certificate of occupancy.  You’ll need to file an alteration type I.   Best regards Garner Oh, RA www.0-to-1.com