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Updated almost 4 years ago,
Multi-zoned property as commercial/residential? Convert or as is?
I own a two family house in the Bronx that is in a commercially zoned area. Every other building on the street is a large tenement style building with a ground floor business (restaurants, bars, cell phone shop, bike store, etc).
1. Would it be possible to use the ground floor apartment as a commercial space, say a store or a restaurant or a bar AS IS, or would the space itself have to be altered/converted for that to be legal? I'm imagining some type of bar/ store that is in layout of the house as my own personal business. I see this all the time upstate and in rural areas... could this be legal in NYC?
2. Do ground floor commercial spaces make more/less/same money as residential? Would I be better off converting the ground floor to commercial and renting it out as a commercial space than in its current layout as an apartment?
3. Is this worth more than a regular residential property for resale purposes? Do developers want something that is zoned commercial/residential, or is that not a factor?
The specific zoning is R6 with C2-4 overlay.