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Re: Buying rent controled apt.

Posted by Mark Smith on February 06, 2000 at 19:47:44:

In Reply to: Buying rent controled apt. posted by TR on February 06, 2000 at 16:11:20:

You would have to live with your father in the apartment for two years to succeed him legally. Neither you nor your father probably has a right to buy the apartment at the insider price. The period to exercise that right probably ended a long time ago.

If your father doesn't have the papers, check with the Attorney General's Real Estate Finance division to look at a copy of the offering plan. The plan will set out when existing tenants had a right to buy their apartments at the insiders' price.

: My mother recently passed away and my father still lives in their 2-bedroom apartment on the upper westside of Manhattan (79th between Columbus & Amsterdam). I have recently moved back in with Dad, who is close to retiring and moving to a 2nd home upstate. Is the rent control/lease transferrable to my name? Is there an insider price if I wish to purchase and how do I find out what the asking price would be? It is pre-war coop with approximately 60 units. Mom and Dad have been in the building for 35 yrs. W/lease.

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