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 13 years ago

3

Please log in, in order to post replies!

3 replies

Newest Oldest

tododesign | 13 years ago

string(1) "1"
object(WP_User)#5013 (8) {
  ["data"]=>
  object(stdClass)#4988 (12) {
    ["ID"]=>
    string(6) "177055"
    ["user_login"]=>
    string(10) "tododesign"
    ["user_pass"]=>
    string(34) "$P$BjdYCSK05.N0VPFOkwiRQOCJUUcJ6N1"
    ["user_nicename"]=>
    string(10) "tododesign"
    ["user_email"]=>
    string(23) "sajemian@tododesign.com"
    ["user_url"]=>
    string(25) "/forums/users/tododesign/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:17:46"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(10) "tododesign"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(177055)
  ["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)
}

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 | 13 years ago

string(1) "1"
object(WP_User)#5012 (8) {
  ["data"]=>
  object(stdClass)#5011 (12) {
    ["ID"]=>
    string(4) "7922"
    ["user_login"]=>
    string(4) "fawn"
    ["user_pass"]=>
    string(34) "$P$Bqid4ibRiAwznfcWqlw5JDAXDKG5Tl1"
    ["user_nicename"]=>
    string(4) "fawn"
    ["user_email"]=>
    string(21) "aliciastarkey@mac.com"
    ["user_url"]=>
    string(19) "/forums/users/fawn/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:14:37"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(4) "fawn"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(7922)
  ["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)
}

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 | 13 years ago

string(1) "1"
object(WP_User)#5021 (8) {
  ["data"]=>
  object(stdClass)#5020 (12) {
    ["ID"]=>
    string(5) "34440"
    ["user_login"]=>
    string(3) "goh"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(3) "goh"
    ["user_email"]=>
    string(20) "gohsiew@yahoo.com.sg"
    ["user_url"]=>
    string(45) "http://bstoner.wpengine.com/forums/users/goh/"
    ["user_registered"]=>
    string(19) "2009-07-14 11:10:41"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(3) "goh"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(34440)
  ["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)
}

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