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Property Q&A in 11231 : Real Estate Advice

  • All33
  • Local Info3
  • Home Buying7
  • Home Selling6
  • Market Conditions0

Activity 6
Thu Jul 7, 2016
Now_bar asked:
This question was asked from this property:
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Sat Mar 12, 2016
Joanne Gay answered:
Where you a rent stabilized tenant? Is the apartment decontrolled?

If you are rent stabilized they must provide you with a new lease. If you are free market or decontrolled you are then a month to month tenant. They can then increase the rent to what ever they like. They can ask you to vacate with 30 days notice. Look at your initial lease. If it is rent stabilized it will say so on the top.

Rent controlled goes back to the same occupant from 1940s. It is most likely rent stabilized apartment with some decontrolled units.

Good luck!

If you have additional questions feel free to contact me at
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Wed Oct 1, 2014
India Aviles asked:
This question was asked from this property:
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Tue May 13, 2014
amanda.king asked:
This question was asked from this property:
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Mon Jan 11, 2010
Mitchell Feldman answered:
Dear William:

The fact that you added the loft would add value. With regard to the legality of it, if you are losing sleep over it then you need to show it to an architect who will be able to give you a definitive answer and if need be can help you to get it legalized so long as it does not create a safety hazard.

If you are not losing sleep over it the I would suggest you just take the "cross that bridge when we get to it" approach. The bottom line is that a) it may or may not be legal and b) regardless of that it may not become a problem. Most of the times when sellers have a problem with stuff like this is when there is a reported violation on the property. If there is no reported violation, it may slip through the cracks.

That being said, when you are selling, the time it can become a problem is when a) the buyer does an inspection and the inspector questions the legality or b) when the bank does the appraisal and the appraiser questions the legality. If the buyers do not do an inspection and if they also buy all cash (no mortgage), then I doubt it will become a problem.

If you sell the place you can try to make the contract of sale contingent on the buyer purchasing it as is and make the responsibility fall onto them if it comes up as a problem. However, the buyers attorney will probably red flag a contract written in that fashion and you may have to hash it out with the buyers to get them to do that. By hash out I mean give them some financial consideration.

Another school of thought would be to just make the deal and see if it becomes a problem. If it does, you have several remedies: 1) You can simply make it legal after the fact (assuming you can and as long as the loft does not create a hazard or 2) give the buyers some financial consideration after the fact to get them to take it as is or 3) remove the loft and eliminate the problem (the buyer may not like this idea).

Obviously the questions runs real deep. If I were to actually view the loft I can expound on these thoughts. Keep in mind I am not an attorney and I am not trying to give you legal advice. You should also speak to an attorney on this.

If I can be of further assistance, please let me know.

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
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Fri Oct 24, 2008
Aileen-Manhattan-NYC answered:
It doesn't look like a real listing. I would think if an agent wanted to sell their listing, it would have more information. I looked up the address in one broker data base and it didn't show any active listings for 2 bedroom co-ops. If you're interested, keep checking back. Perhaps the agent will add more information. ... more
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