All Forum Posts by: Ariel Cohen

@John Hickey We are using a PM... Not worth the time required for PM for me at this point. I work a full time job and I don't have the available time during the day required to properly manage the property. I figured my limited available time is better spent looking for deals rather than spending on PM.

@John Hickey

Project is complete and all units are rented out. We are in middle of the refi process and hope to cash out most of our equity. 

$500k for a 6 family shell is pretty good. Is that including all hard and soft costs?

Pics look great. Building looks really nice!

@Amanda Moore before giving up take a look at this thread: https://www.biggerpockets.com/forums/87/topics/165331-started-2015-by-spending-15k-on-marketing 

@Thomas S. The way I was advised that it would have to work is that the NYC DOB would have to issue an approval to them and then we would have the ability to challenge. Since nothing has been approved yet, there is nothing to challenge or issue a complaint against.

@Rick Wang We spoke to our architect who said that the DOB can require us to seal up the windows if they approve their plans. They have filed already and the plans were disapproved.  We don't know why it was disapproved but it can be because of our building or for any number of reasons.

The architect couldn't tell us if DOB would make us close all the lot line windows or just the windows that would face the new building. He said that it would be up to DOB and we would be able to challenge their determination but DOB would have the final word.

But as you said any change would make the property worth less or require us to invest money that otherwise would not be needed and we did not anticipate investing into the building, such as closing windows, skylights, etc.

@Tom V. You are spot on with the opportunity for a price reduction which we are going back to the seller with today. You are correct that the problem is ours and not his and we would be responsible for the costs associated with correcting the existing condition to allow the neighbor to legally build his building.

Our property was built around 1890 and it is possible that the lots were all owned by the same owner. The neighboring property was built in 1925.

Being that our existing legal condition predated the neighbor there is possible grounds to have the existing condition "grandfathered" in. But this process will be a drawn out legal battle that will delay his project potentially for years and will cost us time and money that would be better spent on other opportunities.

At this point we are hoping the seller agrees to a price reduction and if he doesn't we plan on walking from the deal.

@Roy N. The egress issue will be solved by having operable skylights and a ladder.  I don't think the neighbor is legally required to pay for the alterations and would only need to if we came to an agreement that would require him to do so.

As we are currently in contract on the building we are trying to identify all the potential issue and associated costs with this issue. 

I am in contract to buy a 12 unit mixed-use building in Queens that is built to the lot lines. The property is 50 x 100 and has windows on all 4 sides of the building. The property is a corner lot and on the interior side of the building there is an existing 4' alleyway between the building and the neighbor's building. The neighbor's lot is 28 x 100 and the existing building is 24 x 50.

The neighbor filed plans to build a 4 story building with a footprint of 28 x 50.  This will bring the building up to the lot line and will cause us to need to seal the windows affecting some of the apartments. One apartment will lose all its windows since they all face that 4' alley. Luckily that portion of the building is only built 2 stories so we will be able to put skylights for light and air which is legal but not ideal.

Some of the possible scenarios are 1) we lose all the lot line windows, 2) we lose the lot line windows for the 50 foot length of the new building 3) we don't lose any windows because we are able to convince the neighbor not to build up to the lot line or are able to prevent him because of the impact it will have to out building.

I wanted to see if anyone has any experience with a situation like this and can give some feedback on how things worked out in their situation.

@Bradley Smotherman Great update! Happy to hear that all those marketing dollars paid off!