E279 How to Sell a New York City Loft in Probate

<p>We’ll discuss how to sell a loft in probate. This is yet another type of apartment that is unique to New York. We’ve talked about co-ops in the past, which seem mind-boggling to many people (even New Yorkers).</p> <h2>What is an artist-in-residence?</h2> <p>It is too much to cover in depth, so this is a link from Street Easy, a local real estate blog: <a href= "https://streeteasy.com/blog/sohos-artist-in-residence-law-101/">https://streeteasy.com/blog/sohos-artist-in-residence-law-101/</a></p> <p>To live in a loft that has been converted from commercial use, the buyer is supposed to be an artist who lives in their studio. In other words, a work-living space. Not that many people are professional artists, but buyers may be required to be a “certified” artist.</p> <p><img class="aligncenter size-medium wp-image-42607" src= "https://anthonyspark.com/wp-content/uploads/2022/08/What-is-an-artist-in-residence-300x169.jpg" alt="What is an artist-in-residence" width="300" height= "169" /></p> <p>This impacts probate by sorting through paperwork to confirm that the decedent was an artist-in-residence. This requirement also limits your pool of buyers.</p> <p>There’s a process to get certified as an actual artist by the City of New York. As with any bureaucratic process, apparently there are lots of workarounds. And there must be, because I've never seen an actual artist living in these multi-million-dollar lofts. Note that there is an income requirement; you can’t just make finger paintings and declare yourself an artist.</p> <p>It’s a niche issue, so make sure to work brokers who have deep experience. Otherwise, you will end up wasting a lot of time and limiting the number of potential buyers.</p> <h2>Cleanout: the elevator problem</h2> <p>Many of these were warehouses converted into lofts. That means there is not a traditional lobby with an elevator. The elevator goes directly into the living space. There is a key to each floor, so the elevator won’t randomly go to someone else’s loft.</p> <p><img class="aligncenter s