More than the sum of its parts...

This is a great question to ask in absence of any numbers whatsoever.

nycjcc:

1. why dont you consider doing a straddle
2. buy the studio and rent it out until your financially stronger
3. while desinging your 2-bd so that the studio can eventuaqlly be added to it

Don't be silly. You are much better off dealing with what you already have.

My answer would be absolutely YES! If you can swing purchasing the adjoining unit DO IT. Keep in mind that you could, in theory, negotiate 'sponsor rights' as part of the deal, meaning you could rent out the studio (sans board approval) until such time as you are financially ready to combine the two units. Once you combine/occupy you would lose sponsor rights.

> Keep in mind that you could, in theory, negotiate 'sponsor rights' as part of the deal,

In theory, huh?

The other problem is that many times when adding units together in this manner the aggregate maintenance becomes very expensive...

More better!!!! Buy buy buy re! Leave apple to us professionals.

Matson:

1. I am trying to combine apts with one of my neighbors
2. generally, price/sq.ft. in larger apts is higher than for either of the combined apts

Your thinking is dead on, there is a big premium for 3 BR's. Of course nobody can give you any real advice without knowing the additional cost for the studio, your renovation budget, and your income/assets. I think you need to ask yourself...

1. How much of an additional financial strain is it? Can I handle this?
2. Do I have any real need for a 3 BR? Is a 2 BR going to be big enough?
3. Does the potential layout make any sense?

Nobody is going to pay the premium for a 3BR with a really awkward layout or with lots of wasted space (awkward hallways). Keep in mind that a combination is probably a much larger project than just renovating an existing 2/2 so you will need to adjust your renovation budget accordingly. Your coop/condo will likely charge additional fees just because you are doing a combination (a few thousand dollars). You will need more out of an architect, and may run into some additional problems when the wall comes down. There may be electrical in the wall that runs to other areas in the apartment. Lighting can be a problem since overhead light fixtures may be inadequate or need to be moved since the intended use of the space is changing (where is the chandelier/dinner table going to go?). Floors may need additional repairs or need to be replaced entirely to match. There is money to be made in combinations, but probably less than your original back of the envelope calculations since the renovations are more complicated and expensive than most people think.

As mentioned earlier, maintenance on combined units can be considered rather high which may also suppress the asking price on the new/combined unit.

I agree with drdrd agreeing with the prior poster.

Purchasing two units? If you can afford to, I'd say, "Yes."

As for combining the units...I think the first element to consider, as noted by UES, is the layout. Would it create awkward space, possibly with lots of dead space? Also, as noted by drdrd and others, the combined maintenance would potentially compromise the pricing greatly.

It will also depend on the bldg. and the neighborhood. In bldgs. and/or areas with a lot of those starter apts, 3BR/3BA might be tough to sell. Also, in general, the 2BR/2BA market is far larger than the 3BR/3BA market in Manhattan (assuming that NYCJCC is in Manhattan), I'd imagine.

nyc212:

1. larger apartments are much harder to get
2. so they sell at a large per square foot premium

3. if the two apartments are adjacent you should be able to remove their common wall
4. unless part of it is load bearing

Larger => more value.

There is a point where curves turn to obese.

Honey to I look fat.

With 3% mortgages, you past obese 3 years ago! Doh!

Thanks to all for your input. Lots to consider. To address some of the questions raised: the combination of units is relatively easy, affording a spacious master suite with bath and generous closet space, a wood burning fireplace, and on the other side a spacious dining area. The maintenance would rise to approximately $4.5K per month, high but not unheard of for a 1700 sf space in a white glove co-op, but a substantial monthly expenditure, nonetheless. Ultimately it will be about whether or not it makes fiscal sense to pull the necessary cash from other sources to fund this endeavor.