I have 3 BR in Rego Park. Want to purchase studio and combine. Issues: -bank spoke to appraisers and they said since there are ZERO 4 BR apts in Rego Park/Forest Hills, they will appraise new unit as 3 BR with extra space. I will get maybe 70% of studio price. I would think combined unit would be worth MORE. -apparently I have to demolish the second kitchen? why? we have a baby coming and thought... [more]
I have 3 BR in Rego Park. Want to purchase studio and combine. Issues:
-bank spoke to appraisers and they said since there are ZERO 4 BR apts in Rego Park/Forest Hills, they will appraise new unit as 3 BR with extra space. I will get maybe 70% of studio price.
I would think combined unit would be worth MORE.
-apparently I have to demolish the second kitchen? why? we have a baby coming and thought it would be great to have a second kitchen close to us (we will use studio as master bedroom).
Any ideas on what "demolish" really means? I would like to at least keep the sink and the fridge. Though the stove woulda been really useful for warming up milk too.
Help please!! We have been holding up the sellers for awhile now, because we haven't been able to find any banks/mortgage brokers who would touch this transaction (coop and since its Queens, prices are lower compared to Manhattan).
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Response by nyc10023
over 13 years ago
Posts: 7614
Member since: Nov 2008
Wait - you CAN get a mortgage on the combined apt, but not up to the % you need?
As far as demolished (from the bank's POV), they want to see the gas capped. Sink is fine, because it's used as laundry in the former kitchens of many combined apt.
Ignored comment.
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Response by ab_11218
over 13 years ago
Posts: 2017
Member since: May 2009
your issue with the price is that in prime manhattan, combinations for the rich work. in middle class neighborhoods having a 3 br with 1500 sq ft is a luxury anything beyond is excess.
as far as the kitchen, the bank wants to see this being an apartment. i've never seen apartments with 2 kitchens. most of the houses in your area only have 1 if the house is a one family and doesn't do illegal rental.
Wait - you CAN get a mortgage on the combined apt, but not up to the % you need?
As far as demolished (from the bank's POV), they want to see the gas capped. Sink is fine, because it's used as laundry in the former kitchens of many combined apt.
your issue with the price is that in prime manhattan, combinations for the rich work. in middle class neighborhoods having a 3 br with 1500 sq ft is a luxury anything beyond is excess.
as far as the kitchen, the bank wants to see this being an apartment. i've never seen apartments with 2 kitchens. most of the houses in your area only have 1 if the house is a one family and doesn't do illegal rental.