HELP REGARDING EXISTING NEW APARTMENT AND WHAT TO DO

[jaysee1]

I am a current tenant in Manhattan and my friend has lived in a stabilized building for 3 years. His rent has increased 7% over those 3 years. He however, is going to break his lease to move out. His landlord claims she can raise the rent 20% for a new tenant without renvovations plus a broker fee of 1 month (for doing nothing). My question is can she do this? She claims she can raise it 50% with renovations. In addition, can you please let me know of another option I can take...(such as transfering the name in the lease, so she can't raise it?) His lease ends in September, but wants to move in June...
Thanks ver much!!!!

[Phil Cohen]

Can she do it? Hey, she can do whatever she wants. The question is, will the next tenant let her get away with it? Landlords can increase rents, legally, by a formula that is based on the amount of any "renovations" they carry out.
Without "renovations" they can also raise the rent by a considerable amount.
Can he transfer the lease to you?
No.

[jaysee1]

SHE STATED THERE WILL BE NO RENOVATIONS-

SO CAN YOU PLEASE LET ME KNOW OF THE FORMULA?

[mjr203]

as far as I know she could raise it 20% for a new 2 year lease and 18% for a new one year lease.

The landlord of a building may not earn a broker fee for an apartment that they own/manage.

Whether a LL can raise rent beyond the 18/20% with renovations is determined by how much they spend on renovations. They must fully document their spending and then the legal increase to the base rent can be only 1/40 the cost of renovations, ie. 10,000 of improvements = $250 monthly increase. The difficulty is in having to either go though the DHCR to petition for correct rent or defend yourself in your new apartment, assuming you get it, in housing court (?) assuming she were to bring a non-payment against new tenant.

You must go through a vacancy to get the apartment in your name under rent stab.

-POINTER