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Re: maybe: who is 'owner'? Paikoff summary

Posted by Anna on April 13, 1999 at 09:15:12:

In Reply to: If its fair market value nope posted by Will on April 12, 1999 at 08:09:31:

: This is an unregulated apartment. Its pretty apparent the landlord wants you out or has realized they where serverely undercharging. Either way its the landlords right as owner of the apartment to get what they want for it... I would ask the sponser or management agent if they have any apartments available in the building. If for whatever reason they all want you out your out of luck.

: Will

: : Is there a legal limit on the rent increase one can be charged? I am sub letting from the owner of a co-op who wants to raise my rent another $1000.

Did the 'owner' ever actually live there? If not, read on:
If you rented from the sponsor or another 'holder of unsold shares', you might meet the definition of 'non-purchasing tenant' and then GBL352eeee protects you from 'unconscionable' rent increases. read the summary of the Paikoff v. Harris decision here in > Housing court > decisions > sept 98.

unconscionable: not defined, but $1000 probably is
holder of unsold shares: depends on the language of the proprietary lease the 'owner' of your apartment has with the coop. boilerplate clause usually includes the sponsor AND those who purchase from the sponsor who are investors or NOT 'bona fide' purchasers
bona fide purchasers: those who buy the shares with the intent of living in the apt in the near future

How to fight the increase: bring the following to a tenant lawyer ASAP:
your lease
coop's proprietary lease: photocopy one from a friendly tenant-shareholder neighbor, or go to Attorney General's office and request a copy of the Offering Plan
Paikoff decision: print the summary from and/or photocopy the whole decision in the New York Law Journal in libraries: any law school, NYPL 40th street, NYPL SIBL, court's Public Access Libraries (Manhattan is at 60 Centre St)
GBL 352-eeee: printed in the Offering Plan, in McKinney's books (in some libraries), on internet at link below: > Consolidated > General Business > Article 23A

Good luck!

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