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Does anyone have an idea of how easy or difficult it is to convert a 5 family home to 4. I am assuming it is a lengthy process dealing with the DOB but unsure if it could be done at all.
Also, do you know if property taxes would change as a result and which direction.
Finally, would be great if you know of a good lawyer, architect and contractor that could help in this process.
Thank you in advance.
Will the 4 remaining apartments each get a share of the 5th?
Learn whether converting to 3-family instead will give you a better RE tax rate. I'm not sure where the City is on that these days.
Normally it can be done and not very difficult either in terms of DOB process. The length and difficulty also have to do with your scope of work. Are you gutting everything and make a 4-apartment building or just combining 2 of them into one? Also what's the current status of the property? zoning district? It is lengthier than simple renovation job because you want to change the C of O
It's not a difficult process and the length of process depends on the extent of renovations. Property taxes should not change if it's not considered a significant renovation. I've debated this issue with others in real estate, and we think that if you simply file for a combination and show the Dept of Finance that it's a simple combine (break through a wall, cap gas in kitchen) that the taxes should not go up.
Tax rates are lower in general for 3-family and under, so why not go for 3?
You shouldn't need a lawyer. Architect, expediter, contractor. Where is the building?
You also might need a structural engineer depending on the type of building and if you are combining up or down and need to cut an opening in the floor. But yeah, the DOB process shouldn't be very difficult.
It is just combining the garden and parlor floors into one unit.
Also the place is old and hasn't been updated in a long time. We will be seeking a new C o O; would the DOB process allow DOB inspector to go through the entire house and ensure everything is up to code or would they focus just on the work conducted (combining the 2 floors)?
Worried that doing something simple may require other additional work just to meet code.
Thank you in advance.