Space starved apartment dwellers that we are, a Manhattan apartment owner”s dream is often to buy the apartment next door and combine two or more apartments into one grand space. In yesterday’s Wall Street Journal, there’s an article given some advice when considering combinations.
Among them:
1- Be upfront with the condo or coop board about your intentions to avoid headaches later
2- Understand the cost of combining two apartments can be hefty whether it be a simple combo or a high end reno
I would add to that while at times it can be a profitable endeavor, it’s wise to analyze well the costs of the combination versus moving and finding a larger space which will be move in ready. Also a large reno probably means moving out until the work is done.
Speak to your broker about availability. In some cases large apartments are not available as inventory remains low. However, with over 6000 units coming on the market in 2015 in New York City, relief might be in sight.