Flipper/Rehabber · Bronx, NY · Member since 2018 · 84 posts · 41 votes
Hi, I’m looking to connect with an investor-friendly architect. I'm considering some mixed-use properties in the 19144 zip code, which is zoned CMX2.5. The buildings I’m looking at are shells, and I plan to convert them into fully residential units with no commercial spaces. If you’re familiar with the area and are interested in connecting, I would love to chat.
Hi Garreton, I am currently have over $10M under development along the Avenue. You will need a use varinance to avoid the ground level commercial requirement. There's precedent for obtaining this variance for CMX2/25 properties off the Avenue but for properties on the Avenue I don't foresee planning commission supporting your request. Planning commission support isn't always required but in this particilar scenario it almost certainly is. Depending on where in Germantown the properties are located, you may have to underwrite with a low rent and be comfortable with the residential component of the building carrying the project.
Keep in mind you are only required to maintain commercial use in the first 30 feet of building depth on the ground level. Any ground levle space more than 30 feet back can be residential. Also be mindful of construction costs. Depending on the extent of the renovation you could be required to add a sprinkler system which means new street utilities. Similarly, fire rating/stc requirements drive up costs as well.