Any Implications of joining two apartments ?

1+1= 2.5?

Mutation

Sorry. My comment was not helpful. But your question was so general as to be unanswerable. Details, at least some, and we may help more

Me too. Very unhelpful. ; )

But you do know you can actually plot combinations in NYC as a f'n of boom and bust. Just so you know, we are in a bust and combinations tends to be broken up during busts, just so you know.

That was very helpful. Helptastic even.

I think the three biggest factors are: a) will the combined unit look "natural" or will it look like a Frankenstein unit. Too many combined units SCREAM "combined unit"; b) will the mtc be in line with the unit - many combined units have higher mtc than similar "natural" units in the same bldg (like, if the combined unit will be a 2 br /2 bth with $2100 mtc and the natural 2 br mtc is $1500); c) I just forgot the third one....... maybe later

That particular combo makes no sense. For $600K+ you end up with two narrow rooms in a fourth-floor walkup with $1100 maintenance.

If you're already in a building and love it and your apartment, and the next-door apartment comes up for sale, then it might work. It's not a given that 1+1=3 anymore, so you really have to work the numbers. Especially look at how shares were allocated in the building, as you don't want to combine two studios and end up with a one-bedroom that's carrying more freight than a natural one-bedroom.

That was eerie. Thinking same thing.

maint usually higher than comparable normal space. With the current level of inv -- is it worth it?

The main thing is that the layout usually doesn't flow, and just because you mark that huge awkward unusable leftover space near the entry "dining area" on a floorplan doesn't make it so ... it makes it a huge amount of wasted square footage, which you're paying to buy, and which you're paying CC/maintenance on.

I'm biased but I have to say that in my case, 1+1=3. I combined a 5.5 with a 4.5 -- and while the maintenance is hefty, I'm thrilled with my choice. I did not want to gut the entire thing and redo the "flow". The expense and time involved was unappealing. And if I wanted to eliminate one of the entrances, I'd have to apply for a new C of O (which could take 4 years.) So yes, I have that weird extra foyer that serves no real purpose. I put some bookshelves, a chair and a lamp in it. Now it's a reading room. I turned the extra kitchen into a gym. (It could be another bedroom, if I wanted to.)

Yes, my laziness screams "combined" unit; but I don't care. I know that apartments my size (4-5 bedrooms, 4.5 baths) are hard to come by on the UWS. When I decide the sell, the buyer will likely gut the thing and start over.

Hi, I happen to think that joining apt's usually works very well. Yes you have to be mindful of maintenance. As far as an awkward floorplan I agree not positive, however one of the best values in renovating I have found is demolishing the walls to the floor and creating exactly the floor plan you want it. Proportionally for the results you get it is usually money very well spent and I am always surprised how little part of the renovation it costs.(would estimate roughly $5,000 to demolish, build up wall in the new place, paint and repair the floor that was damaged.

Below is a link to Miller Samuel report, they didn't have data for the West Village, however the data for Greenwich village shows Studios the last quarter got $743 psf, 2 bedrooms got $1106 psf, discounting it to $1000 psf because even thou it has a second bathroom which is great and not all 2 bedrooms have the 2nd bath, the second room can only be an office. So even at full price for this calculation, which I am not suggesting is paid at $1000 X 700 sf + $700,000.

Personally I would like more of a premium to be gained for doing the work, however there are considerations like if you are one of these people who has to renovate to your taste anyway. Plus most importantly as I don't know downtown well is this street and building above average if you are taking into account the reports figures.

http://www.millersamuel.com/data/report.php

Gabrielle, are you a broker?

I recently did a "change of occupancy" and fortunately with expediters it was not as time consuming as I had imagined.I did it over the holidays at the end of last year which apparently is one of the busiest times and I would say 4 months with the Dept of Building once your Board has approved of the architectural drawings. Having said that probably another $3000 for the expediter, $2000 for simple drawings self certified, plus $1000 for fees brings it to approx $6000. So there are obviously additional costs for the potential of getting a little more space at a lower cost.

Alan, Hi, no I am not a broker,I must admit nervous on a whole about brokers and still I have recently learned the tremendous value of a bright, experienced broker and have a surprising high opinion of some of them now. I am curious why do you ask?

Great WV location. Why does listing say 1 bath? I see 2.

I agree with potential awkward layout prob. Might be nice to open the area by the entry & create a small central hall to unify both units. A good designer can figure it out.

I have higher morals than a broker.

Gabrielle, you wrote "I don't know downtown well", so I was going to ask what areas you sell/rent in if you were a broker.

I have higher morals than a certain broker.

nfth1315 ,

Joining of 2 apts creates more space for you other than that I can't say you will have any implications.

Does it make sense to buy two combined units with the thought of splitting them up once the kids left the house? Does that work only with condos?

The most important consideration, is maintenance as it compares to other similar sized units, next would be natural flow. Other than that I believe a combo can work, especially in a symetrical space like this. Your bigger problem will be renovating a 4th floor walk-up.

Here's a three-bedroom combo that seems to make sense: http://streeteasy.com/nyc/sale/470322-coop-246-west-end-avenue-lincoln-square-new-york

It needs one more door punched through, and an original kitchen (lower-right corner on the plan) may or may not be convertible to a third bath, but the maintenance is less than the same-size two-bedrooms in the building.

The listing says "Board approval required", or something to that effect. Approval will also be required for the combo so make sure that is in writing before you sign anything.

Cilantro I don't think you need to get a new C of O for a combo anymore. There is another process that needs to be completed, takes months rather than years and requires an architect, expiditer etc. Will cost you about $15K today. No hurry but you will have to to do the legal combination in order to sell your apartment or buyers will have problems obtaining financing.

As to the 12th street property, I wonder what the market is for 2bdr/2ba 4th floor 4 walk ups? Somehow I have a hard time imagining a family with a baby/toddler willingly schlepping a stroller up that many steps every day. And I doubt the "empty nest" segment would be all that keen on it as well.

Liz, do you see that as a 2 bedroom? The listing calls it 1 BR 2 bath. For a 4th floor walk up, your costs,as with anything actually, are paramount.

Cilantro: still need a carpenter? What's your email? You can do an Alt-2 to combine.

In this market, 1+1 <> 3. However, if you need X number of bedrooms, the most economical way is to buy the adjacent unit. As long as you're not expecting the market to pay more than the value of the separate apts and you don't overspend on reno, you're okay. After all, you can always try to sell the units separately. But if you need to get a mortgage on the combined unit, the bank will insist that the co-op officially recognize the existence of combined unit, and they will sometimes hold $ in escrow pending removal of kitchen and break-through. Obviously, most co-ops will also insist that you combine units officially. Condos, different kettle of fish.

Barring egregious mtce costs and Frankensteinish layouts, I see combining 2 4-room units (often the smallest units in a prewar bldg that has 6es, 7es..) as being very good value. You get 4 full bedrooms, which you don't get even in a C7, and a large LR & DR. The extra K can be an office or maid's. Ditto combining a 3 room with a 4 room -> gets you 3 full BRs & office. And on the UWS, the small units tend to be in the back, and if you are on a higher floor overlooking bstones - the views can be quite good. Other nice thing about prewars is that Ks have windows.

In a postwar bldg, I would recommend doing a combo that includes a corner unit.