Q&A
Council Member Marte questions Susan Breindel on SoHo/NoHo apartment conversion costs
4:06:54
·
67 sec
Council Member Christopher Marte engages in a Q&A session with Susan Breindel about the financial burdens of converting manufacturing apartments to residential units in SoHo and NoHo. They discuss the high costs involved in the process, including an initial $200,000 fee and potential conversion costs of up to $1 million per apartment.
- The conversation reveals that property owners must pay a $200,000 fee even before beginning the conversion process.
- It's noted that many artists in SoHo and NoHo, who are often low to middle income, cannot afford these conversion costs.
- Marte confirms that this situation is unique to SoHo and NoHo, and does not occur in other parts of the city.
Christopher Marte
4:06:54
Thank you, Susan, for being here.
4:06:57
So I just want to clarify what you said.
4:06:59
Even before you convert from your manufacturing apartment, join the 4th quarter apartment, into a residential apartment, you have to pay out of pocket close to $200,000.
Susan Breindel
4:07:12
That's my understanding.
4:07:13
Yes.
Christopher Marte
4:07:13
And so the sale might not go through of your apartment, but that still comes out of pocket.
4:07:18
And I'm well aware, but I'm sure you have a lot of friends who are still artists in SoHo, Noho, who are low income, middle income individuals and can never find $200,000 to move forward with hopefully the sale or the transfer of their apartment.
Susan Breindel
4:07:35
Not to mention that then residential conversion.
4:07:39
Yeah.
4:07:40
Which is way more than the art front.
Christopher Marte
4:07:42
And which is estimate estimated at close to $1,000,000 per apartment.
4:07:47
Yeah.
4:07:49
And my last question, there is no other place in the city where this is happening.
4:07:54
Is that correct?
Susan Breindel
4:07:55
Not that I've heard of.
4:07:56
No.
Christopher Marte
4:07:57
Justin Soho and NoHo?
4:07:58
No.
4:07:59
That's not right.
4:08:00
Thank you.
Susan Breindel
4:08:00
Thank you.
