My husband and I have casually been researching buying an apartment within the next two years. We currently rent rather cheaply in Queens, and also have an apartment in Manhattan that we sublet, but we have been very interesting in eventually owning. We have always been in NYC - I was born here and he has been here 20 years. One of the things that we would be very interested in is buying a very... [more]
My husband and I have casually been researching buying an apartment within the next two years. We currently rent rather cheaply in Queens, and also have an apartment in Manhattan that we sublet, but we have been very interesting in eventually owning. We have always been in NYC - I was born here and he has been here 20 years.
One of the things that we would be very interested in is buying a very raw space; as in space that we would eventually work on and construct to our own liking. We have friends that recently did something similar - bought two okay apartments uptown, one right above the other, and constructed a very nice duplex out of them. We are flexible in budget and location - although we would prefer Brooklyn or Manhattan. We would also like a safe neighborhood.
Does anyone know any realtors that specialize in these types of raw spaces? Doorman/luxury/renovated is the opposite of what we are looking for, but that is often what we are finding. We are fortunate that this is not a forced move so we are not on a specific time constraint, but I am trying to begin a more thorough research of our options.
Thought perhaps some people on this board might know. Thanks in advance for any input.
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Response by tina24hour
over 15 years ago
Posts: 720
Member since: Jun 2008
Oh mc33433, you are barking up my tree.
I specialize in precisely that kind of space. Is it a disaster? Does it need everything? Will it be impossibly cool when it's done? Yeah, I have that. There's an absolutely brilliant possibility in Greenpoint (it's not on my site yet), as well as a number of options in Red Hook. You can reach me at tina (dot) fallon (at) gmail, or via my company's site. Just include "streeteasy" in the subject line.
Tina Fallon
Realty Collective, LLC
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Response by dwell
over 15 years ago
Posts: 2341
Member since: Jul 2008
Some where on this forum is a discussion about after combining apts, monthly maintenance gets very expensive. Suggest you read that before going forward. Maybe just look for a large apt which is a wreck.
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Response by mc33433
over 15 years ago
Posts: 72
Member since: Apr 2011
Hi Dwell - We are not looking at combining apartments; that was just an example of our close friend's project for the last 6 months, which has turned out quite nice and they are very happy with. He owned these two apartments, one directly above the other, and rented them for a few years before deciding to do the duplex. It was a great idea on their part. They now have ~1,500 living space that they were able to design to their liking.
Thanks, Tina. We have looked in Greenpoint often, as well as Williamsburg. We love these areas and spend a lot of our time there in general. I will reach out.
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Response by deanc
over 15 years ago
Posts: 407
Member since: Jun 2006
Dwell, as apartment fees are based on square footage it doesnt matter if you own 1 or 2.
we did this in a brownstone, bought the two studios on the top floor and gutted everything apart from one bathroom.
yes we pay twice as much co-op fees as everyone elsse but we have twice the amount of space.
MC33433, feel free to ask me anythign but you dont buy "raw space' and there are no specialist brokers, you just need to find what you want and take it from there.
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Response by VictoriaHagman
over 15 years ago
Posts: 10
Member since: Mar 2008
Deanc and dwell are right - in a co-op, the add'l costs are often prohibitive, and I don't know of any broker who specializes in raw space in co-ops or condos.
But in Brooklyn this type of search will typically involve purchasing an entire building - that's the type of deal to which I was referring.
Tina Fallon
Realty Collective, LLC
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Response by tina24hour
over 15 years ago
Posts: 720
Member since: Jun 2008
(Whoops - was logged in as my broker.)
Tina
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Response by ph41
over 15 years ago
Posts: 3390
Member since: Feb 2008
IMHO it's not that a combination of units, per se, is more prohibitive in regard to maintenance charges, it's the result of the combination vs maintenance. If someone has a 1 BR and combines it with the adjacent studio to create a 2 BR 2 BTH, the resulting unit may not be much better than an existing 2BR 2BTH apartment in the same building (and may have some very wasted, odd, or unusable space) and will probably have a higher total maintenance. That is why it is sometimes considered unwise to combine apartments.
Oh mc33433, you are barking up my tree.
I specialize in precisely that kind of space. Is it a disaster? Does it need everything? Will it be impossibly cool when it's done? Yeah, I have that. There's an absolutely brilliant possibility in Greenpoint (it's not on my site yet), as well as a number of options in Red Hook. You can reach me at tina (dot) fallon (at) gmail, or via my company's site. Just include "streeteasy" in the subject line.
Tina Fallon
Realty Collective, LLC
Some where on this forum is a discussion about after combining apts, monthly maintenance gets very expensive. Suggest you read that before going forward. Maybe just look for a large apt which is a wreck.
Hi Dwell - We are not looking at combining apartments; that was just an example of our close friend's project for the last 6 months, which has turned out quite nice and they are very happy with. He owned these two apartments, one directly above the other, and rented them for a few years before deciding to do the duplex. It was a great idea on their part. They now have ~1,500 living space that they were able to design to their liking.
Thanks, Tina. We have looked in Greenpoint often, as well as Williamsburg. We love these areas and spend a lot of our time there in general. I will reach out.
Dwell, as apartment fees are based on square footage it doesnt matter if you own 1 or 2.
we did this in a brownstone, bought the two studios on the top floor and gutted everything apart from one bathroom.
yes we pay twice as much co-op fees as everyone elsse but we have twice the amount of space.
MC33433, feel free to ask me anythign but you dont buy "raw space' and there are no specialist brokers, you just need to find what you want and take it from there.
Deanc and dwell are right - in a co-op, the add'l costs are often prohibitive, and I don't know of any broker who specializes in raw space in co-ops or condos.
But in Brooklyn this type of search will typically involve purchasing an entire building - that's the type of deal to which I was referring.
Tina Fallon
Realty Collective, LLC
(Whoops - was logged in as my broker.)
Tina
IMHO it's not that a combination of units, per se, is more prohibitive in regard to maintenance charges, it's the result of the combination vs maintenance. If someone has a 1 BR and combines it with the adjacent studio to create a 2 BR 2 BTH, the resulting unit may not be much better than an existing 2BR 2BTH apartment in the same building (and may have some very wasted, odd, or unusable space) and will probably have a higher total maintenance. That is why it is sometimes considered unwise to combine apartments.