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Updated about 4 years ago,
Convert 6 family down to 5 family NYC rent stabilized. Can I?
Hi, I would like to ask the well of wisdom that is bigger pockets if anyone has heard of or has experience with converting a nyc 6 family building into a 5 family to get out of rent stabilization. These buildings typically have 3 floors with 2 units per floor. I thought if you took the first floor and knocked down a wall and remove a kitchen you can turn 2 units into 1 unit. If this brings the whole building out of rent stabilization, then you can charge 2000 a unit instead of 1200. still worth it even with 1 less unit. Any one heard of people doing this? Is this legal? thanks.
Looking for any stories especially after the 2019 law change.