Posted by New York Tenant on March 19, 2001 at 14:47:35:
In Reply to: We are trying to buy our rental appartment posted by Stephanie on March 19, 2001 at 13:06:36:
Unless the building is a condo or a co-op, you can't buy your apartment. Technically, in a co-op, you don't buy an apartment; you buy shares in the co-op corporation and get a proprietary lease for an apartment.
You could remain in the building as a renter, and hope that the owner wants to convert it into a condo or co-op, when you might be able to buy your apartment at an insider's price.
Or you could start looking to purchase an apartment in an existing condo or co-op building.
: I have been renting my aparment with my husband in the West Village for 4 years. The rent has been steadily increasing by 5% every year unitl last year where it jumped by 15%. We have a 1 year renewable lease. Our building has about 100 apartments and is owned by a Management Company.
: We would like to buy the apartment but the owner (a Management Company) tells us that it is not for sale, because it is a rental building.
: What are the laws applying to rental buildings? Are there really no way to buy this apartment. How would we go about making them an offer.
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