Sometimes, when you are in the process of purchasing a piece of real estate here in New York City, you will run into a zoning problem. Often, this is a result of not doing your due diligence prior to signing the purchase agreement.
For instance, you may have thought that the property in question was zoned for commercial operations and find that it is only residential. But before chalking it up to an expensive lesson learned, it is a good idea to seek a legal opinion regarding the options you have.
In a tight real estate market like the Big Apple, it is quite likely that there will be other buyers clamoring for the property. You might be able to negotiate with the seller to let you out of the purchase agreement with your deposit intact if they have someone waiting in the wings to buy the property.
Even if that is not the case, that doesn't necessarily mean that you will either have to lose your money or continue with the sale. A great deal has to do with the zoning issue. In some cases, it may be possible to get a zoning variance.
Here in New York City, the Board Of Standards And Appeals (BSA) is the entity with which you must deal in order to request a zoning variance. Applicants must first file with the Department Of Buildings (DOB). If the DOB objects to the proposed zoning, you then apply for the zoning variance to the BSA. If this sounds confusing, that's understandable.
We encourage anyone embroiled in a real estate dispute to contact us for assistance in finding a workable solution to their problem.