Multi-Family and Apartment Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago,
Troubles with Con Edison and Oil to Gas conversion NYC Bronx
I may be tackling a smaller multifamily project in the Bronx soon. The property has cooking gas but its heat is from oil. Since it is always better to offset the cost of utilities to the tenants, and because the oil tank may need replacing soon, I was thinking about converting the property's heating to gas and installing a boiler for each unit. I know that oil to gas conversions were a good idea in year's past, but with the cost of oil going down, would it still make sense to do such a conversion? I do plan to hold onto this property for a while.
The wrinkle to this project is, Con Edison had removed the gas meters due to non-payment from the previous owner (not 100% sure on this being the reason). I've heard of the difficulties people in Brooklyn and part of Queens have run into with turning on new service with National grid. And there is currently a moratorium for new service in Westchester with Con Edison. Has anyone in the Bronx or Manhattan had difficulty starting new service with ConEd? My concern, and the real reason for this post, is not being able to get gas services after converting my heating system from oil to gas. A realtor told me to consider an oil to electric conversion (heat, hot water, and cooking) because it may be THAT big of a pain to try to turn on new gas service. This doesn't sound like a good economic choice for my prospective tenants (large electric bills). Has anyone done an all electric conversion? What are your thoughts BP? Anyone have recent experience with starting new gas services in NYC that they'd like to share?