Favorite element: The original ceiling beams and the funky staircase that his friend designed.
Motto: “If you are considering doing this, think twice. Really.”
We had a chance to visit our friend over on 22nd street today, and almost conclude the house tours we started last fall.
What's going on?
This beautiful, but much in need of work, townhouse has been a lot of work for our friend. His original plans of buying it, fixing it up, and selling the apartments individually has fallen through as he ran into the incredible costs and red tape associated with updating an old building to current codes. It simply takes more money than he ever expected.
"When someone said it would take 30k to rewire this building, they had no idea what they were talking about." he says, "The price is more like 20k per apartment.""If you are considering taking on a building to renovate and create an investment for yourself, think twice. It can be done, but if this is not your profession, it will take a bigger toll than you anticipate, both in terms of time and money."
As a friend in the trade told him, "In this busiess, you're going to be fucked ten times. You were lucky, you only got fucked a few times."