Project Description
142 Nichols Avenue is a 1 unit, 2-story Semi-attached residential building located at 142 Nichols Avenue, Brooklyn NY 11208 (Block 4121, Lot 86). It is located in Community District 5 of Brooklyn. The building is currently owned by Mark Anthony Ellis, a private middle income homeowner. There is one household member and no tenant on premise. The gross annual household income is $120,520 (144% AMI). Homeowner is set to receive mandatory housing counseling and enter into a regulatory agreement containing rental restrictions on the newly renovated, tenant-occupied apartment unit. 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 1-family home will be adding a unit. The proposed basement apartment will contain one sleeping room, living room, one bathroom, and kitchen. In addition, theres one door leading to street/public way. The building has a gross square footage of 1,236 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 $170,067. This includes hard costs and soft costs. The proposed soft costs are $59,773 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. The proposed hard cost loan amount is $110,294 with loan term amortized at 3% for 180 months (15 years). The funding source is city capital. This loan will be used to covert the basement into a 1-bedroom apartment by covering the costs materials, labor, and closing/related fees.