When I first met the heir, he believed his 4 story brownstone was a legal two family and worth $800,000.
After he hired me to sell his house, I immediately looked online for a confirmation of the CO (Certificate of Occupancy), as I always do.
Research
CO and CONH
Upon further research, I noticed the city’s description of the property showed it as a SRO (Single Room Occupancy). This means that we would need to work with the Department of Buildings to get a CONH (Certificate of no Harassment) so that we do not have to sell at a discounted price. We also needed to determine the best listing price based on his fiduciary obligation to the estate.
Occupants
Occupied Units
Did I mention there was a tenant who had been living there for 30 years and was paying $330 in rent each month? Yes, we needed to move her as well.
Approach
Legalities & Finding The Right Buyer
Since the heir did not want to sell at a discount, I assisted him in attaining the CONH by finding an expeditor who can facilitate the 6-8 month process.
We put the house on the market with the promise to deliver the CONH at closing and found a buyer who fell in love with the property and was willing to wait.
Problem Solving
Helping Move the Tenants
I also began an intense search for affordable housing for the one and only tenant by putting her on waiting lists for senior living facilities and checking the classifieds daily.
Results
Problem Solving
Six months had passed and we were eagerly waiting to close. In the final hour, HPD got involved and told us we might not get the CONH because the tenant living in one room of the house had tenant rights. I found an apartment for her and helped her pack and move her bags right before the closing.
Sold!
Sold Over The Expected Price
We closed at full asking price of $1,950,000 with the CONH in place.
