Experience with a NYC SRO Building

[Mike Sarhan]

Hi BP Community,

Does anyone have any experience with buying or selling a NYC class B SRO building in NYC and SRO conversion? Specifically converting a building with Class B rooming units to Class A apartments.

[Roi Azoulay]

Quote from @Mike Sarhan:

Hi BP Community,

Does anyone have any experience with buying or selling a NYC class B SRO building in NYC and SRO conversion? Specifically converting a building with Class B rooming units to Class A apartments.

@Mike Sarhan

I am on a contract w/SRO property in Brooklyn. From my experience so far this is going to be a long and tough process.
Some of the laws in NY changed recently and you are required to obtain a certificate of no harassment, No permits will be issued until it is resolved.
You will need to work with the current tenants for this certificate to be approved which can take up to a year or more, Definitely something big to consider.