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Posted by TenantNet on July 14, 1996 at 15:11:17:

In Reply to: Rent stabilized coop? posted by Lynn on July 14, 1996 at 12:25:37:

: My lease says that because my building is a coop and I rent from the
"overtenant" all rent-stabilization laws do not apply. The building
has over 6 apts and was built in the 40's. Does anyone know why this
would be so?

The term "overtenant" is a misnomer and generally refers to a person or
entity that purchased the unit. When a building converts to a coop,
rent stab and rent control tenants in place retain their status, but
as soon as a vacancy occurs the units are decontrolled. So if you
moved in after conversion, you would not be rent stabilized.
If the coop went bankrupt then a recent court case might apply to
re-regulate the units (but don't quote us on that one since we're not
familiar with the details). You will probably find more info on this
subject on our web pages.

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Comments:
: : My lease says that because my building is a coop and I rent from the 
: "overtenant" all rent-stabilization laws do not apply.  The building 
: has over 6 apts and was built in the 40's.  Does anyone know why this 
: would be so?

: The term "overtenant" is a misnomer and generally refers to a person or
: entity that purchased the unit. When a building converts to a coop,
: rent stab and rent control tenants in place retain their status, but
: as soon as a vacancy occurs the units are decontrolled. So if you
: moved in after conversion, you would not be rent stabilized. 
: If the coop went bankrupt then a recent court case might apply to
: re-regulate the units (but don't quote us on that one since we're not
: familiar with the details). You will probably find more info on this
: subject on our web pages.


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