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Suggesting a buy-out or not?

NYC Rent Regulation: Rent Control/Rent Stabilized, DHCR Practice/Procedures

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Suggesting a buy-out or not?

Postby P Schreiber » Thu Oct 26, 2017 9:28 am

I am currently renting a nyc rent-stabilized apartment. However, I am planning to move in the coming year. Unfortunately, I have to sign a new rent-stabilized lease for next year because it is extremely unlikely that the new place will be ready for me to move in the end of my current lease.

It has been strongly suggested I send the landlord a letter with the new lease stating that I might be interested in a buy-out sometime during the new lease period. I think it unwise, partly because I would have no where to go if they made a offer before the new place is ready.

Additionally, from some things that have happened, I am reasonably sure that the landlord suspects that I am planning to move. If the apartment goes off stabilization, they will only get an additional $1000 a month, if that, and have been doing extensive renovations when someone moves out. Frankly, I don’t see any reason why they would agree. However, I am interested in hearing whether this is something I should do, or if it is a bad idea, or any further issues I should be thinking about.
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Re: Suggesting a buy-out or not?

Postby TenantNet » Thu Oct 26, 2017 11:34 am

Buy-outs can be complicated and without an attorney, you might get a pittance of what would otherwise be offered (OTOH, lawyers take a cut of any buy-out and tenants are liable for taxes on the money). It's hard to say how long negotiations might take.

Other than that, what's your question?
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Re: Suggesting a buy-out or not?

Postby P Schreiber » Thu Oct 26, 2017 1:39 pm

Wondering about the wisdom of suggesting a buy out at the same time as I am returning the signed lease, especially since I don’t know when the new place will be ready. Could that come back to bite me?
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Re: Suggesting a buy-out or not?

Postby TenantNet » Thu Oct 26, 2017 1:54 pm

I would keep it separate. Tenant must accept new lease within 60 days of being offered. Make copies and send by cert mail RRR. Then LL must sign and return one copy to the tenant within 30 days.

If you want a buy-out, I'd sound the LL out little by little. Make them want it and let them make the first offer. Get someone who knows how to negotiate.

And remember, buy-outs are really not that lucrative unless the LL wants to demolish the building for a 80-story tower.
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