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Old 12-12-2016, 10:26 AM
 
1 posts, read 235 times
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Hi guys-

I'm considering buying a mutlifamily unit current that has a C/O of 4 and changing it to 6-7.

It would be my first time trying to get a CO change done. What is process like and how long / cost that goes along with it?

From my preliminary research, I didn't see any C/Os on file in the DOB BIS system.

I've read also that it's recommended for a Expediter / Lawyer.

Thanks,
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Old 12-12-2016, 10:31 AM
 
2,929 posts, read 1,195,935 times
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I cant help with some of your questions, but get a commercial real estate attorney for consultation. Ask this question on the AVVO website for a educated legal response.

Also, I believe the conversion you are after could mean rent control issues for you. Apartment buildings over 6 units are required to be stabilized.

Good luck on your quest.
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Old 12-12-2016, 01:00 PM
Status: "I have "a thing" for duplex apartments" (set 1 day ago)
 
Location: Confines of the 101 Precinct
19,303 posts, read 32,757,591 times
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Quote:
Originally Posted by juxtapose7 View Post
Hi guys-

I'm considering buying a mutlifamily unit current that has a C/O of 4 and changing it to 6-7.

It would be my first time trying to get a CO change done. What is process like and how long / cost that goes along with it?

From my preliminary research, I didn't see any C/Os on file in the DOB BIS system.

I've read also that it's recommended for a Expediter / Lawyer.

Thanks,
So many questions that cannot be answered on here, but here is the very rough outline:

1. Architect/expediter files plans with DOB
2. Architect/expediter gets plans approved at DOB
3. Expediter pulls permits
4. Contractor/plumber/electrician does the work
5. Pass DOB inspections
6. Receive C of O

Every project is different so there is no way to tell how long it will take for you to get a new C of O.

You wouldn't need a lawyer unless you're doing a condo conversion, or unless you want to sue somebody if something were to go wrong. I believe it is the lawyers who apply to the Attorney General with the condo offering plan. It's a long process but the best thing to do is to stay informed by asking questions. Also be prepared to spend more than you expected. Good luck.
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