Hi, I am considering purchasing the studio next to mine and was wondering if anyone had any recent experience with coop mergers. Looking for suggestions on architects, expeditors, contractors, and overall strategy. My board seems open to it and the super says it can be done easily. Maintenance in my building is on the low end, so I think it can make for a nice investment given the price of 2... [more]
Hi,
I am considering purchasing the studio next to mine and was wondering if anyone had any recent experience with coop mergers. Looking for suggestions on architects, expeditors, contractors, and overall strategy. My board seems open to it and the super says it can be done easily. Maintenance in my building is on the low end, so I think it can make for a nice investment given the price of 2 bedroom coops on the UES.
I purchased my 800 sq ft junior for for 650k 2.5 years ago and am hoping to get the studio for no more than 450k. I don't want to do major renovations, just refinish the floors skimcoat the walls, remove the 2nd entrance to the hallway, put walkin closets in what used to be the foyer of the studio, and redo the bathroom. Here is a link to the combo, any suggestions or thoughts would be greatly appreciated. I am thinking the studio alcove turns into a sitting area or a small kids playroom and the bulk of the studio becomes the master suite.
I already own L and I am looking to purchase A. K would be nice, but they are not ready to sell it yet. http://imgur.com/ldbr8ss
I look forward to your comments, suggestions, or concerns.
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Response by NYCMatt
about 11 years ago
Posts: 7523
Member since: May 2009
It looks like it might be one of the few combos that might actually work well (but I wouldn't put much stock in what a SUPER says, obviously). What would be the combined maintenance?
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Response by Coopmerger
about 11 years ago
Posts: 19
Member since: Jan 2012
Hi NYC Matt. Maintenance for apt L is $950 and apt A is $550 +/-, and that includes cable w/showtime. What do you think?
Any suggestions on architects, expeditors, contractors, and overall process/strategy is greatly appreciated.
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Response by NYCMatt
about 11 years ago
Posts: 7523
Member since: May 2009
Depending on where exactly this co-op is located, $1500/month for maintenance might feel a bit high for that size apartment. Also, future assessments will also treat the apartment as two separate units, so you'll be slammed twice.
That said, having a 2 bed/2bath with the possibility of turning the other kitchen into, say, a laundry room would be sweet, sweet sweet!
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Response by Aaron2
about 11 years ago
Posts: 1705
Member since: Mar 2012
How does the square footage in the combined unit compare with other 2br in the building, and how would the maintenance compare to the other 2BRs?
Also, the building may not let you remove the 2nd door to the hallway, but you will probably be allowed to cover over the interior side of the door. Don't forget to disconnect the doorbell before doing so.
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Response by front_porch
about 11 years ago
Posts: 5319
Member since: Mar 2008
Well, you have to take the kitchen of the studio out. I might be tempted to make that WIC and just expand the existing bath over to the foyer if you can (might create a wet-over-dry issue, so the building might not let you do it).
ali r.
{downtown broker}
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Response by Coopmerger
about 11 years ago
Posts: 19
Member since: Jan 2012
Thanks guys! The building is on the UES. Maintenance is certainly low compared to other buildings. The combined units will be larger than the other 2 bedroom units in the building, so maintenance may be slightly higher but not much. Removing the 2nd door is mandatory when you combine 2 units and unfortunately they are super strict against washer/dryers. They say the existing pipes can't handle it. And you unfortunately can't expand wet over dry. We also really live the building, location, and staff.
A D-line apartment was a location in "Kramer vs. Kramer".
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Response by NYCMatt
about 11 years ago
Posts: 7523
Member since: May 2009
"They say the existing pipes can't handle it. "
They lie.
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Response by CAPITALcraft
about 11 years ago
Posts: 98
Member since: Mar 2010
Coopmerger, we do a lot of combined apartment projects and I am happy to refer some architects that will suit your size project.
Good luck,
Stephen
stephen@capitalcraftsmen.com
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Response by nyc10023
about 11 years ago
Posts: 7614
Member since: Nov 2008
I have done 2 apartment combinations. Unless you have an urgent need for the extra bedroom, and moving is prohibitive, this combination has bad flow. Your 2/2 will compare badly with other 2/2s in the building. A-K is much better. Wait.
It looks like it might be one of the few combos that might actually work well (but I wouldn't put much stock in what a SUPER says, obviously). What would be the combined maintenance?
Hi NYC Matt. Maintenance for apt L is $950 and apt A is $550 +/-, and that includes cable w/showtime. What do you think?
Any suggestions on architects, expeditors, contractors, and overall process/strategy is greatly appreciated.
Depending on where exactly this co-op is located, $1500/month for maintenance might feel a bit high for that size apartment. Also, future assessments will also treat the apartment as two separate units, so you'll be slammed twice.
That said, having a 2 bed/2bath with the possibility of turning the other kitchen into, say, a laundry room would be sweet, sweet sweet!
How does the square footage in the combined unit compare with other 2br in the building, and how would the maintenance compare to the other 2BRs?
Also, the building may not let you remove the 2nd door to the hallway, but you will probably be allowed to cover over the interior side of the door. Don't forget to disconnect the doorbell before doing so.
Well, you have to take the kitchen of the studio out. I might be tempted to make that WIC and just expand the existing bath over to the foyer if you can (might create a wet-over-dry issue, so the building might not let you do it).
ali r.
{downtown broker}
Thanks guys! The building is on the UES. Maintenance is certainly low compared to other buildings. The combined units will be larger than the other 2 bedroom units in the building, so maintenance may be slightly higher but not much. Removing the 2nd door is mandatory when you combine 2 units and unfortunately they are super strict against washer/dryers. They say the existing pipes can't handle it. And you unfortunately can't expand wet over dry. We also really live the building, location, and staff.
It's http://streeteasy.com/building/176-east-77-street-new_york. Very low maintenance, e.g. less than $1400 for the 2/2 for sale now.
A D-line apartment was a location in "Kramer vs. Kramer".
"They say the existing pipes can't handle it. "
They lie.
Coopmerger, we do a lot of combined apartment projects and I am happy to refer some architects that will suit your size project.
Good luck,
Stephen
stephen@capitalcraftsmen.com
I have done 2 apartment combinations. Unless you have an urgent need for the extra bedroom, and moving is prohibitive, this combination has bad flow. Your 2/2 will compare badly with other 2/2s in the building. A-K is much better. Wait.