All Forum Posts by: Alex Furini

@Robert Carpenter,

I've spent the past 10 years as an Architect designing and working with developers on NYC hotels.

Feel free to reach out if you have specific questions.

Best Regards,

Alex Furini, RA

@Veronica Taylor,

Based upon the zoning district, multi family properties are allowed. I would not say that "bureaucracy" is the main issue. The main issue would be if you can complete the conversion based upon the existing conditions, zoning, and code requirements. This is addition to determining what construction and associated work would be required in order to comply with Multifamily building regulations.

The process would be to first have an Architect put together a feasibility study to determine what can be built based upon the properties existing conditions, zoning requirements, code requirements, ADA requirements, and the desired use. From there you will have a better idea of the constraints and how best to proceed. 

Feel free to reach out if you would like to discuss further.

Best of luck,

Alex Furini, RA

@Atta Bari, House hacking the property with a owner occupied mortgage is a great option if you are unable to come up with the higher investment percentage. Its a great way to accomplish the task at hand with the funds you have access to.

My experience has always been a 25% minimum for investment properties.

Best of Luck,

Alex Furini, RA

@Pope Lake, I looked extensively into this a couple years ago. I went so far as to discuss options with different providers in the NYC area. NYC flat roofs, the locale, and the lack of trees(sadly) make NYC a great option for solar. 

I looked into multiple scenarios, but the one that seemed most interesting was to size the roof panels large enough to cover the load of an entire 2 family. With this, I could essentially charge a flat rate for electric to the units. This would help accelerate the pay off period. Essentially once the panels are paid, you are looking at another source of income due to the fact that you are now essentially the power company for your own house.

Back a couple of years ago, there were financial government incentives to install the panels as well as very low (or possible no interest) loans. The solar companies would help set all this up for you. They will run the calcs and financials to show you the upfront costs and payback periods. 

In the end I didn't end up going this route due to other commitments. However, when I design my own house in the future, I plan to accomplish this in addition to other green energy features.

Clean living and sustainability is a great fresh approach to our business. It can also be a great selling/renting point.

Feel free to reach out if you have more questions.

Best of Luck,

Alex Furini, RA

@Anthony Governale,

This sounds like a great opportunity. New building is a great step to take, but make sure you understand all the constraints prior to moving forward on the property. There are many hurdles to consider and its better to identify and understand them now than after you purchase the site.

The process would be to have an Architect put together a feasibility study to determine what can be built based upon the properties zoning and your desired use. From there you will have a better understanding of what is and isn't possible for the site and a better idea of how to proceed.

Feel free to reach out if you would like to discuss your project in more detail.

Best of luck,

Alex Furini, RA

Hi all,

Couple of questions for discussion regarding background checks for new tenants in NY based upon the new rent laws.

1. Is the $20 cap on background/credit checks per tenant or for the entire apartment? I.E. apartments larger than 1 bedroom.

2. If you are not collecting a background/credit check fee, but having the tenants pay directly for the service, is that applicable to the cap? I normally collect the fee and pay for the service, but the option is there for tenants to pay directly or provide their own credit check. I always run credit/background checks on new tenants with each costing about $40. For a 3 bedroom apartment that's $120 minimum. That doesn't even begin to factor in if the tenants request to use guarantors.

Just looking for thoughts as I am sure we are all trying to figure out the best way to move forward.

Thanks.

@Veronica Taylor,

In NYC you will need to hire a Registered Architect or Professional Engineer to design and file drawings for approval with the Department of Buildings. A draftsman or designer is not permitted by law to perform these services.

Feel free to reach out if you would like to discuss your project in more detail.

Best Regards,

Alex Furini, RA

@Jamie Tulumello,

First you should speak with your attorney and/or accountant to determine whats best for you and your particular situation. That being said most developers in NYC form their LLC's in Delaware for liability protection.

Best of Luck,

Alex Furini, RA

@Elizabeth L.,

As @Frank Chin pointed out having a separate basement is a common layout for many 2 family properties.

Converting the basement to a legal unit is possible, but there are many factors which will determine whether or not it is possible zoning and code wise. In NYC when you go from a 2 family to a 3 family property, you will need to comply with Multiple Dwelling Law which is an added layer of requirements for Residential buildings 3 families and above. In addition to the additional MDL building requirements, there are many existing condition factors which can make or break a conversion such as this. Just to name a few, Zoning, Basement or cellar, ceiling heights, property dimensions etc.

Your best bet would be to hire an Architect licensed in your state to prepare a feasibility report based upon your specific property. Once you have this, you will better understand what the conversion involves. Then you can reach out to contractors for ball park prices to evaluate the construction cost. Always remember to take into account the time required to design, file drawings, construct, and subsequent sign-offs for your financial calculations.

Best of Luck,

Alex Furini, RA

@Mike Huang

I have done this a number of times in NYC over the years. Up until around 5 years ago most projects I worked on in Manhattan were parking lots or parking decks. Now these have mostly all been developed. It “tends” to be cheaper than purchasing a dilapidated building and demoing it to make way for New construction.

The process would be to have an Architect put together a feasibility study to determine what can be built based upon the properties zoning and the desired use. From there you will have a better idea of how to proceed.