The Buildings Department doesn't allow anyone to legally occupy a building until it has issued a CO or a Temporary Certificate of Occupancy (TCO). Therefore, the CO, or TCO, is a key moment in the life of a condo building. After the sponsor, or developer, receives a TCO, closings may begin in a new development.
What does co mean in construction?
A Certificate of Occupancy (CO) states a legal use and/or type of permitted occupancy of a building. New buildings must have a CO, and existing buildings must have a current or amended CO when there is a change in use, egress or type of occupancy.
How long does it take to get a temporary Certificate of Occupancy NYC?
A TCO is the easiest to obtain, and the whole process takes about 6 months, or more, to complete. All you need are temporary approvals from the NYC DOB on the following essential items: Temporary Construction Sign Off.
What does TCO stand for in commercial real estate?
What is an example of a TCO?
An increase or reduction in labor costs changes the total ownership cost. For example, purchasing a new piece of equipment might be expensive at first, but after calculating the operation and cost, you may determine it requires fewer employees to run, so it saves money through salary costs.