Rentals in New York>Question Details

Christine Ro…, Home Buyer in Hamilton Heights, New...

Landlord of a rent stabilized tenant (Manhattan) offers a larger RS apt in order to access half of a classic 6 to sell. Advice to the renter re: $?

Asked by Christine Roberts, Hamilton Heights, New York, NY Tue Nov 23, 2010

Does this renter need lawyer? How can he determine a fair pay-off from landlord so landlord can re-combine his old RS apartment to form the original classic 6 and then sell it? The coop is desperate for 5 more sales in order to qualify for mortgages.

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I agree with Carolyn. You need a lawyer first and foremost to make sure the deal being offered is sound.
0 votes Thank Flag Link Fri Jan 21, 2011
I think the first question is, does the move improve your circumstance. Second question is do you have a good Landlord Tenant relationship. Third is do you have a lawyer.
Answer yes to all of the above and you will find what is best for your future, which is what the protection of RS represents, a safe financial future.
0 votes Thank Flag Link Wed Nov 24, 2010
Yes, you should consider an attorney to review all related documentation, he/she can best advise.
0 votes Thank Flag Link Tue Nov 23, 2010
It never hurts to have an attorney, who is competant, review legal docs. That is assuming one can afford the fee. There is not rule about what the compensation should be in a case like this. Generally it is negotiated between the two parties. This is another issue an attorney can help you with.

Otherwise, you need to be aware that rent stabilized apartments can phase out of stabilization once the rent reaches a certain maximum amount, $2000. That can't happen while you're in the unit, but will effect the next tenant.
0 votes Thank Flag Link Tue Nov 23, 2010
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