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... Only in a regulated apartment

Posted by MikeW on April 07, 1999 at 10:08:14:

In Reply to: key money is illegal practice... posted by Will on April 06, 1999 at 15:53:17:

This sounds like a coop with a regulated tenant vacating. This may have the effect of deregulating the apartment (this is a little fuzzy with new case law). I'm pretty sure the owner, coop board, and/or managment company can pretty charge whatever fees they want for an unregulated apartment.

: Say these magic words: "key money", "illegal", "state attorney generals office"....this is very illegal. I would strongly suggest that the managing agent not push it here.

: As for increasing the rent since I assume the managing agent is the owner of the shares for this apartment they can probably dictate a vacancy increase of some sort. But since they're gonna do that I would find out from DHCR if the apartment is still considered regulated. This should minimize and ensure you get a fare rent.

: Will

: : A friend of mine is moving back out west. Her lease "officially" ends as of August 1999. Since she has to leave now, I am moving in to fill her spot. I have paid $150.00 for a credit check and have been approved by the co-op board. However the realty co-op manager is claiming that my friend has to pay a "finders fee" to the realty agency-since she is leaving. They are also claiming that the other roomate and I have to sign a new 1 year lease and as a result the rent will be raised. Last August she paid a fee when she moved into the apartment. I looked over her lease and do not see a clause which mentions a penalty if she breaks the lease early. any thoughts? thanks!

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