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Posted by carlson on January 08, 2002 at 18:31:45:

This is in follow-up to Mike W's recent reply to "buyout timing?" (12/4/01).

: Personally, I'd play it as follows: It tell him that I'd like
: to buy a coop, but I don't have a downpayment. I need,
: say, $50K. If you come up with it, I'll leave. If not, I'm
: perfectly willing to stay in this apartment for the next 20
: years.

The "coop purchase" idea is a good plan and is often, in fact, authentic. But I don't believe it would work well in a situation where the landlord offering the buyout intends major renovations of the building. In that case, it seems to me the landlord has little reason to bargain.

I have heard several stories about tenants who chose to stay rather than accept a buyout and eventually ended up leaving without any settlement because of the conditions they were subjected to while the renovation work was being done. It's a situation where harassment (intentional or unintentional) - in the form of making essential services 'temporarily unavailable' on an ongoing basis - has no clear remedy that I'm aware of (correct me if I'm wrong) given the poor level of 'warranty of habitability' enforcement in NYC.

Follow Ups:

• Forgot initial post MikeW 01/09/02 (0)

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Comments:
: This is in follow-up to Mike W's recent reply to "buyout timing?" (12/4/01).

: : Personally, I'd play it as follows: It tell him that I'd like
: : to buy a coop, but I don't have a downpayment. I need,
: : say, $50K. If you come up with it, I'll leave. If not, I'm
: : perfectly willing to stay in this apartment for the next 20
: : years.

: The "coop purchase" idea is a good plan and is often, in fact, authentic.  But I don't believe it would work well in a situation where the landlord offering the buyout intends major renovations of the building. In that case, it seems to me the landlord has little reason to bargain.

: I have heard several stories about tenants who chose to stay rather than accept a buyout and eventually ended up leaving without any settlement because of the conditions they were subjected to while the renovation work was being done.  It's a situation where harassment (intentional or unintentional) - in the form of making essential services 'temporarily unavailable' on an ongoing basis - has no clear remedy that I'm aware of (correct me if I'm wrong) given the poor level of 'warranty of habitability' enforcement in NYC.


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