10:46 PM 01/14/2013
We live in a small condo, just 8 units and self-managed. All units are owned except for one. The sponsor still retains the top front unit, and the roof rights above the unit (it has a private roof deck). Our area just saw a change in FAR, which means the building can build higher. The sponsor wants to now bulid an extra floor, turning his roof deck into an extra bedroom.
The building/board is generaly fine with the arrangement. The sponsor is happy to sign an alteration agreement, provide work hours/schedule, pay a deposit and provide construction docs and sign-offs by architect/engineer and file his plans with DOB.
The concern we have is what the bulding needs to do to make this 'official'. We assume we need to make an alteration to the layouts in the offering plan and reapportion the common charges (not complicated in concept), but do not know what this truly involves. We are concerned with unnecessary or inflated legal expenses for something we feel should be straightforward.
Has anyone out there gone through a simlar situation in NYC? I'd appreciate any advice or information on the process and what the potential costs can be to do what is necessary. Any and all advice appreciated -
I can't add direct info that you seek, but we are adding a floor to two buildings now. Actually we will when we get DOB approval.
The structural details and mechanical consequences are dire. Get lawyered up. I cannot see any upside for the other owners , but I can see a cold shower of disadvantages.
I understand why the sponsor is seeking a change to the "rules", but why on earth you would agree is beyond me.
He will face no inconvenience, as all that will be borne by the other owners. As the owner that is exactly why we are attempting to do the same.
When the probable delays and snafus occur, he will say he is doing all he can. If there was a substantial inducement (10K/unit) you can make a judgement of time vs inconvenience. But thinking this will be anything but painful is silly.
5:36 PM 01/15/2013 | 0 Votes
Thank yo uso much for your perspective. I agree, and we are being realistic. There are also advantages for the rest of the building to have this work done - it is a more involved story than what I would lay out here.
I have heard conflicting advice about how we go about having the addition become part of the offering plan and also how we reapportion the common charges. I was interested to know if people have gone through this and what kind of hoops they had to jump through. We will be speaking with attorneys so hope that we can make some sense of the process.
Again, thanks for your perspective - and good luck with your own addition!
12:28 PM 01/16/2013 | 0 Votes