Condo conversions in NYC for multi family properties
Curious to know if anyone has experience converting 3-4 family into condos and the feasibility of such ventures.
I often see condos in brownstones for sale and wonder if embarking on all the change of title gymnastics makes sense. Is it not economically viable or do people just put this in the too hard basket when faced with hiring attorneys, expeditors, architects etc in NYC.
I'm interested to hear from anyone that has experience with real estate law experts in NYC that have voiced their opinion. I'm somewhat familiar with the June lanlord legislation updates but it seems this may only be applicable when embarking on the 6+ unit conversions up to mega conversions ala Jared Kushner style.
I'm interested to hear people's thoughts on why the recent drop in multi res. prices and if this has anything to do with it.
Thanks