Project Description
361 New Jersey Avenue is a 2 unit Semi-attached residential building located at 361 New Jersey Avenue, Brooklyn NY 11207 (Block 3756, Lot 117). It is located in Community District 5 of Brooklyn. The building is currently owned by Dorothy Dawkins, a private senior low income homeowner. There are three household members and tenant on premise. The gross annual household income is $43,348 (40% AMI). Homeowner is set to receive mandatory housing counseling. The property is undergoing basement conversion under the Basement Apartment Conversion Pilot Program. The program provides financing to convert basements into a safe, legal, and rentable apartment, based on altered building code legislation passed in February 2019, Intro. 1004. As a result, this 2-family home will be adding a unit. The proposed basement apartment will contain two sleeping room, dining room, one bathroom, kitchenette, and storage room. In addition, theres two doors leading to street/public way. The building has a gross square footage of 2,480 SF. The Scope of work addresses the requirements to legally convert a basement and may also include critical home repairs. Based on the current physical condition of the property, the estimated cost to convert this basement is $196,401. This includes hard costs and soft costs. The proposed soft costs are $59,773.00 which covers Closing Costs, Construction Monitoring, Borrower's Engineer/Architect Fees, Special Inspections, Environmental (Phase I, Testing, and remediation), Site Survey, Requisitions & Change Orders, DOB Permit/Fees/Expeditor, GC Contractor Selection, Developer Fee, and Relocation. These soft costs are covered by the programs contract budget The proposed hard cost loan amount is $136,628 with the loan term Deferred, forgivable for 360 months (30 years). The funding source is city capital. This loan will be used to covert the basement into a 2-bedroom apartment by covering the costs materials, labor, and closing/related fees. Scope of Work (Hard Cost) Scope Item Cost Demolition & Dumpster $5,187 Excavation $2,822 Finishes $7,067 Sprinkler & Plumbing $18,909 Electrical $8,166 Framing & Drywall $20,215 Finished Carpentry $10,920 HVAC $1,694 Accessories $1,676 Thermal Protection $2,534 Doors & Windows $10,824 Appliances $2,574 Flooring $18,696 Kitchen Cabinets $6,424 Contingency 15% $17,839 Total $136,628 Address: 361 New Jersey Avenue, Brooklyn NY 11207 Scope Of Work: Basement Photos of the Interior and Exterior of the Building