lease reassignments in nyc

Asked by jsinky01, NoLita, New York, NY Sat Apr 7, 2012

I will be relocating to Asia this summer. My lease is up and I really don't want to move but I need a place to live till May/June. My management company wont do extensions but offered me a 1 year renewal with the option to reassign my lease when I need to move. Also other than craigslist where else can I go to list my apt? Should I contact agencies like citi habitat? I will have 8-9 months left on my lease when I need to reassign it. The apartment is in the Soho/Nolita area

I haven't signed anything yet but wanted to ask around if anyone had any advice or things I should make sure are brought up.

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3
First Last, , 90002
Sun Apr 8, 2012
I agree with Mitchell. This is a potential legal and financial quagmire for you if you sign a new lease now.

It's really too bad they won't grant you a couple of month's extension. What if you offer them extra money for the extension rent? The rent is going up with the new lease, I promise, if you offered to pay that higher rent right away, that might tip the balance in your favor? This is what I would try first.

Craigslist is not working as well as it used to when it comes to leasing apartments. I know, because I meet with owners who want to lease their co-op or condo and the reason they're talking with me at all is because CL failed them. It's really over run with scammers now.

It's helpful that your apartment is located in a very popular rental area. But if you're unable to find a tenant who will rent for 8 or 9 months....seriously not good. And Mitchell's very right about the competitive problems you'll face if you go to rent it.

Don't forget, your new prospective tenant must meet the landlord's expectations and approval, and the landlord has no incentive whatsoever to cooperate with you, because they can get the money from you eventually. Why should they cooperate? They can reject any tenant for any legal reason.

If they're not nice enough to grant you an extension now (which by the way is quite common), do you think they are going to be nicer later on? I sure don't.

Therefore if I were in your situation, I would try for an extension and if that fails, I would not sign a new lease and I would move out.

Karla Harby
Lic RE Salesperson
Rutenberg Realty
Manhattan
212-688-1000x146
kharby@crrnyc.com
1 vote
Mitchell Hall, Agent, New York, NY
Sat Apr 7, 2012
Do you have a stabilized lease? If so reassigning the lease will be easy. If it's market rent they are not doing you any favors but rather shifting their burden, costs and responsibility of renting the apartment to you. They're avoiding advertising costs, having to paint, clean or make any repairs which is customary when a tenant vacates.

You will be responsible for the lease if you can't reassign it. While most brokers will list the place many renters want a minimum 12 month lease. The broker you hire may have to compete with the management company if they have a "no fee" leasing office. I think you should try to persuade them to allow you month to month for two more months. Offer to pay the full 2 months rent upfront.

I suggest consulting with a real estate attorney before signing a year lease knowing you're relocating out of the country.

Best,

Mitchell Hall, Associate Broker
The Corcoran Group
MALL@corcoran.com
1 vote
Joseph Hasti…, Agent, Bayside, NY
Sun Apr 8, 2012
Hello jsinky01. Both responses below are right on the money and I highly agree that you should talk with a real estate Attorney before you committ yourself to a new yearly lease. One thing, since you're looking to move in June, I would hardly think management couldn't find another renter in a heartbeat. Especially since the vacancy rate is ridiculously low in Manhattan. This fact IMO, gives more weight to Ms. Harby's suggestion of a larger rent amount for your final months. They get more and the rental market is on fire by June/July anyway. GOod luck.
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