A Rent Stabilized apartment would generally be located in a building constructed prior to January 1, 1974 having 6 or more housing units.
In New York City, a rent regulated tenant in occupancy before the conversion to cooperative ownership under a non-eviction plan remains regulated as long as he or she continues in occupancy as a non-purchasing tenant.
Hope these info. will help you!
Spencer Sutton - BondNew York
There is not a black and white or yes/no question. It depends upon the offering plan and whether it was an eviction or non-eviction plan. Rent-stabilized tenants do have a lot of rights. It is different for a 1-4 family house vs. a bigger building. You should really speak to a real estate attorney for a correct and complete answer based upon the particular building.
1. The court system is backed up, so you need an attorney to stay on top of things & attempt to move the case quicker
2. The laws are always changing & there are many loopholes in the system that you simply don't have the time or the knowledge to comprehend.
With all that said you can expect the tenant to put up a fight. Probably more so in a rent controled apartment than rent stabilized apartments. You should make this the responsibility of the seller, maybe they can have the tenant sign a document agreeing to move out upon sale. Is there a lease in place? What are the lease terms? Have you approached the tenant or has the seller approached them?
However if you are a tenant in a rental building and someone buys the building the owner has the right to live there but not to rent it to some one else.
In conversions there is a "red herring" prospectus and ultimately an offering plan approved by the attorney generals office. The plan is supposed to be followed. There have also been cases where the new owner lost because they were not living there. Every case is different. It is not cut and dry but rent regulation laws are supposed to protect tenants. You should consult a real estate attorney.
I would not recommend buying an apartment that you want to live in immediately that has a tenant in place
Mitchell Hall, Associate Broker
The Corcoran Group
I hate to disagree with Eugene, but he is incorrect. I can tell you this from personal experience. Prior to being in real estate, I was a tenant in a rent stabilized unit on MAnhattan's upper west side (83rd & Columbus). My unit was purchased with me as a tenant. The owner sued to remove me and won. this was not a short process. it took about 10 months, but the end result was that the courts upheld the owner's right to occupy his apartment. Needless to say, you should consult an attorney. This is not a simple process. there are monetary, ethical and time considerations that need to be addressed and an attorney will help you through the whole process. Honestly, it is easier to just buy out the tenant, but it may be more expensive.
All the best,
WEICHERT, REALTORS - House & Home
(718) 432-5000 ext.601 (Office)
(917) 974-2600 (Cell)
Due to rent stabilization laws, you can not. You can attempt to buy them out, but you can legally take possession only when they leave.
That is the reason why those units are usually way below market price.
Bond New York