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For more information, speak with an experienced NYC real estate lawyer. Properties in New York City are split into four classes. Class 1 includes one to three-unit residential properties. Class 2 includes residential properties with more than 3 units, including cooperatives and condominiums.
(b) Class 2: Residential Property means property described generally as a dwelling house and the lot or parcel of land on which the dwelling house is situated. The dwelling is functionally designed for use and enjoyment by not more than four families and includes residential condominiums.
Class 3: Most utility property. Class 4: All commercial and industrial properties, such as office, retail, factory buildings and all other properties not included in tax classes 1, 2 or 3.
Class 2 includes residential properties with more than three units, including cooperatives and condominiums.
Class 2 property means Assessed Property that is or is intended to be developed as attached residential units, including but not limited to, townhomes, flats, lofts, and other similar structures used primarily for residential purposes excluding Class 1 Property and Class 3 Property, including any ancillary uses thereto
Building Classification | City of New York Building CodeDescription AONE FAMILY DWELLINGS S2 PRIMARILY 2 FAMILY WITH 1 STORE OR OFFICE S3 PRIMARILY 3 FAMILY WITH 1 STORE OR OFFICE S4 PRIMARILY 4 FAMILY WITH 1 STORE OROFFICE240 more rows