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Re: First Rent...A query for anyone...NYC

Posted by Janet on April 29, 1999 at 00:42:50:

In Reply to: Re: First Rent...A query for anyone...NYC posted by Anna on April 28, 1999 at 15:00:46:

There's a little bit about the "first rent" issue in DHCR operational bulletin 95-2, which is primarily about substanial rehabilitation (buildingwide renovation, exempting the entire structure from rent regulation): "First rents: Where an owner significantly changes the perimeter and dimensions of an existing housing accommodation, or creates a housing accommodation in space previously used for nonresidential purposes, the DHCR may find that the resultant housing accommodation was not in existence on the applicable base date. Such a finding may entitle the owner to charge a market "first rent," subject to guidelines limitations for future rent adjustments."

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