There aren’t many. However, there is a grant from The New York City Department of Housing Preservation and Development to renovate apartments at the former Roxy Theatre space at 739 West 57th Street. The grant is for a one-year commitment of $150,000. If the landlord would like a longer term loan then we would be happy to see that too.
What are the tenants being asked to do?
A kitchen remodel in the dining room, new carpeting and flooring in the roomy basement, and a new front hall with exposed brick or concrete on top — not a new boiler, but a new boiler and new roof. We’d need two additional months of budget just to get the kitchen ready for us to install it.
Could some other tenants step in?
Yes. We have three apartments with tenants with different kinds of jobs — a lawyer, a photographer, and several techs. These landlords would pay for these remodels as we go along. I see this as an opportunity to keep the rent below market, but with the knowledge that we may need to do a larger work order or more of a major one.
Do you have any experience with renovators in this part of the city?
No. I have not been involved in any major projects in New York or other cities other than the one we’re doing here in Brooklyn. I don’t know how they make a good income. They are a tiny minority in New York, but I’ve spoken to numerous people here about how hard it is to get into this market for someone who wants to own her own place.
Is this a full kitchen renovation project?
No. I’m only looking to install an entire bathroom.
So you can’t do a full kitchen project in the basement? Where is the rest of the work going to go?
The kitchens are upstairs. There are several small rooms and rooms for storage in these two rooms. The basement is being torn out. When all of the rooms get finished, they will be put back in again. Then the kitchen will be open to the street.
Are there any units with a kitchen and bath here?
No, but the kitchens will open up to the street.
So when the rest of the building gets done, the kitchens will actually be open to the street?
Could it be a bit easier to sell the space if you do have one in the same
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