Brooklyn Real Estate

January 4, 2005 3:06 PM

question regarding real estate in brooklyn (MI)

I want to buy a brownstone in brooklyn and eventually convert it to condos which can be sold off seperately.
has anyone done this? what are the issues involved?

posted by alkupe to home & garden (4 comments total)

First, have $2 million.

Second, you're asking for an answer that can only be a multi-volume novel. So you need to drop by any halfway decent realtor's office and start a conversation.
posted by Mo Nickels at 7:10 PM on January 4, 2005

You might find this interesting...
posted by sad_otter at 7:38 PM on January 4, 2005

sad_otter, that's a fascinating read! Thanks!

There's a map floating around the MeFi aether that allows you to click on any piece of real estate in the city and get the pertinent information about it. My Google-fu has failed me, but to whet your apetite, might I suggest looking into New York City public real-estate auctions?

Here's some examples (these were from the August '04 auction... the next auction hasn't been scheduled yet).
Manhattan
Brooklyn

Also, you might have some luck converting old warehouses in Brooklyn that haven't yet been renovated. There was one ungodly monstrosity across the street from me when I lived in Wiliamsburg -- probably 7 or 8 stories tall, and took up practically the whole block. Completely derelect. It was on S. 4th, just east of Berry St. Who knows what the deal is with the owner. Probably holding out for a saintly investor who can throw down $100 million, but you never know unless you ask.
posted by Civil_Disobedient at 8:48 PM on January 4, 2005

Try PropertyShark - you have to login, but it is very useful for all sorts of property-related uses. My read on this is that unless you have $5-8 million you will be relegated to Bed-Stuy, Bushwick, or even East New York where buildings have been going for $1-2 million. I would look in places like LIC Queens or Red Hook for properties. If you are really interested in this, and have the funds, talk to 1. Realtors (many of them) and 2. Get a lawyer proficient in real estate law in NYC, specifically condos. Also you will have to get an architect to do the condo plans which need to be filed at the AG's office for property subdivision. Do you want to continue to own the building afterward, or create sell it off to a new condo board? A lawyer familiar with the ins and outs of contract law and (more importantly) cost of doing business and someone who can advise you on how to make the most money would be great. A good idea might be to team up with an experienced developer for your first time and then once you have flipped the building, you can have more experience gentrifying developing other projects.
posted by plemeljr at 8:23 AM on January 5, 2005