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Rent stabilized building sold - dilemma

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

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Rent stabilized building sold - dilemma

Postby MickeyZ » Sun Aug 01, 2021 7:05 am

I've lived in my rent stabilized apartment for over 20 years. I love my neighborhood, not so much the building. I entered a housing lottery and my number should be called any day now. It would be a great apartment in a neighborhood I don't love as much as mine so I'm conflicted to start. But there's more...I found out my current building was sold last month (through the grapevine but not officially). I did a little googling and it appears to be in escrow. I know they can't kick me out and don't expect they'd do anything to renovate inside my apartment.

Does anyone know how long escrow typically takes and how long it should be before I hear from the new owners and what their plans for the building are? Any thoughts on what new owners of rent stabilized buildings generally do these days? They bought several buildings in the sale from my previous landlord (mostly old, walk up buildings). I wish the timing would work out that I would know what the new owner's plans are before my number comes up in the lottery but I don't think it will work out that way. If I knew they were going to make the building nicer, I may want to stay. And if they would offer me a buyout, could that happen before my decision has to made for the new apartment (probably in a month or two)?
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Re: Rent stabilized building sold - dilemma

Postby TenantNet » Sun Aug 01, 2021 7:37 am

Housing lotteries are crap shoots considering the number of people that enter them. I would not lose sleep over that.

Yes, as a RS tenant, they can't just kick you out, but it's good to research who the new LL is and what they might have in mind for the place. Do NOT believe anything they tell you. Are there development pressures in your area? Rezonings?

Escrow - I think that's a contractual thing with the sale, not a procedural thing. Every building is different. Do you have a tenant association in the building. I would talk to people just in case. But understand you will hear a lot of rumors and speculation. Maybe 1% might be true.
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Re: Rent stabilized building sold - dilemma

Postby MickeyZ » Sun Aug 01, 2021 10:55 am

I actually know (from another group) what number the lottery is up to and it's almost up to mine and moving quickly. There are a lot of empties due to covid. I expect to hear within the next couple of weeks, if not sooner.

I don't know who the new LL is or how to find that out. My super told me about the sale, but seemed hesitant to say too much (or maybe he just didnt know). He did tell me that they were planning on offering buyouts to people in one building because there are so few residents left, but in mine they are doing "updates" (some things mentioned: new doors, roof, intercoms). Do you know how I can find out who the new LL is and the best way to research them? Also have no idea about developmental pressures or rezoning. I'm on the upper east side.

There is no tenants association, It is a small walk up building. And even living here as long as I do, I don't know my neighbors because we don't run into each other in the hallways. The sale literally happened within the last month so I have not been informed of any change and my rent is still going to the same LL.
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Re: Rent stabilized building sold - dilemma

Postby TenantNet » Sun Aug 01, 2021 11:04 am

Never believe a super about anything, seriously, especially on something like this. If he does know, he will either not tell you or make something up. You have to verify it yourself. Check the Dept. of Finance ACRIS database regularly. If it's a big building, or a series of smaller buildings all being sold at once, watch the real estate trade papers, i.e., therealdeal.com is one. Ask your community board, someone might know given the development pressures in your area. If you wish, send us the address by private mail (do not post here in the public area). If we've heard of anything we'll tell you.

Be careful about "updates," many of which which can be listed as MCI's with DHCR and your rent might go up. But again, supers often don't know.

There are many groups, but on the UES, start with https://www.civitasnyc.org/

Is your city councilperson Ben Kallos? Call his office.
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Re: Rent stabilized building sold - dilemma

Postby MickeyZ » Sun Aug 01, 2021 12:04 pm

Thank you so much! I have sent a message
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