can a 1 bedroom coop legally be re-sold as a 3 bedroom coop?

This is one of those instances where the risk isn’t worth the reward.  Are you sure the bedrooms are legal?  Do they have the proper amount of light and ventilation?  Are the doorways the right width?  Are you certain there’s no asbestos floating around?  Were any of the walls they cut or moved load-bearing walls?  Was the co-op board notified of the changes? I know the City is a pain in the butt when it comes to these things, but with no plans, no permit, no asbestos testing or anything else you don’t know what you’re getting.   I suggest you withdraw you offer and negotiate to legalize (or remove) the work.

mike-the-expeditor

in Real Estate - Sales 13 years and 3 months ago

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mad09 | 13 years and 3 months ago

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we have an accepted offer on a coop. originally, it was a large 1 bedroom that the current owner renovated and turned into a 3 bedroom. the sale is being handled by the current owner (no seller’s broker involved). if we purchase this does anyone know if it can legally be re-sold again as a 3 bedroom? we can’t seem to get a straight answer on this from our broker or from the current seller (and our attorney is away at the moment). appreciate any guidance!

vthatcher | 13 years and 3 months ago

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Doesnt soumd like an issue- they made changes to interior- the squarefootage is technically the same.  You should be ok.   Vanessa Thatcher Senior Loan Officer NMLS# 41404    Atlantic Home Capital 4175 Veterans Memorial Hwy Ste 310 Ronkonkoma, NY 11779   Office: 631-687-3510 x106 Direct Fax: 631-918-5222 Cell: 631-672-4113

vthatcher | 13 years and 3 months ago

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Sorry for the typo above 🙂

m926bk | 13 years and 3 months ago

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One place to start: Have you looked on the DOB’s website to see if this change in layout was filed?  Go to http://www.nyc.gov/html/dob/html/bis/bis.shtml or search for NYC DOB BIS.  I believe these types of changes must be be filed (because of how layouts relate to fire codes and safety), so if it wasn’t converted into a 3 BR legally, I’m not sure how they could sell it that way.

pigthree | 13 years and 3 months ago

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the legallity of the changes could work in your favor if you have provisions that would allow negotiations on the price after the accepted offer (if you have signed a contract already)  The down side, there could be a competitive offer that will take “as is” assuming there is some hitch with the legality of the changes.  In the end, if you pay cash or the financing bank does not bring issue with changes, then all is fine.  Thant’s not to say the new owner is clear of illegal changes in the future. I had a friend who hired a “city” buildings inspector to do the inspection on a property with “issues”.  He provided the owner with his buisness card at the end and it seemed to work in his favor during negotiations as the owner did not want to deal with issues or face possibility of violations moving forward with a new buyer.  Not sure how all that was pulled off, but I give credti for creativity.

BHS | 13 years and 3 months ago

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This is really a question for your lawyer–you should try to get in touch since this is what you are paying him/her for. Do not make such a large decision on the basis of blog posts, lawyers who you do not know, or especially real estate agents, mortgage brokers, etc.

cm | 13 years and 3 months ago

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Obviously many coop units in the city are transferred which contain work that was performed without proper filing. It’s a question of whether you are willing to assume the risk of potential future violations or questions on a subsequent transfer. Remember also that future violations will be placed on the owner of record of the building, i.e. the coop not you the unit owner. The coop may have responsibility here for permitting work to be done without proper filing or perhaps not following up on the work as it was being performed. That being said your proprietary lease may make you responsible for deficient work performed by those with a prior interest in your lease. These violations could impact the building’s financing or ability to refinance so it could get involved for you in the unlikely event the violations, if any, are ever picked up.