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However, it's not something you can just up and do, as that FAQ shows!
more likely then not they will NOT be able to kick out the tenant as stated in the guidelines. This tenant probably lived there pre-coversion and has every right to stay. The new owner will be purchasing the stock certificates for whatever shares are allocated to this apartment. The lease stays with the current tenant and the tenant pays the new owner rent.
If such were the case then every sponsor owned unit with an old tenant can simply sell the unit and then allow the new owner to kick out the old tenant so they can move in.
thats a big no-no.
Can the management company sell my stabilized apartment?
Since the management company is trying to sell your apartment, we take it that the building is a co-op or condominium. After a rent stabilized building is converted to a co-op or condominium, renters in place at the time of the conversion are usually allowed to remain under a non-eviction plan. They also have the right to renew their leases, and cannot be kicked out. However, once the rent stabilized tenant moves out, the apartment can either a) be sold; or b) be rented without the protections of rent stabilization. If you were in the building before it was converted to a co-op or condominium, you have the right to remain. However, if you moved in after the building was converted, the apartment is no longer rent stabilized and the management company is not obligated to renew your lease
Last edited by BK2Westchester; 08-08-2008 at 03:06 PM..
That question doesn't address the issue of owner-occupancy--just the general issue of whether your lease continues with a new owner. The FAQ doesn't address the problem either.
Your proposed scenario is about skirting the law--and in order to work (if I understand your scenario correctly), the new owner would have to be a family member. The exception has to do with the owner him/herself, or a family member, moving into the unit.
It's an interesting question though so I sent it to the NYT Real Estate Q&A blog, because I'm curious about the answer.
Back in the 80s my Mom's building in Manhattan went coop. They offered the units to the tenants living there first, but many were seniors and didn't buy. If they had lived in the apartment for a certain number of years, they stayed under rent control. If not, it was rent stablization. They could not kick out any of the tenants who were living there before coop conversion. In addition, any blood relative of the orginal tenant was able to occupy and rent the apartment. I was told at the time (by the Board President) I could do that if I wanted.
Several people in the building bought other apartments where these seniors were living. My Mom's was bought by the woman next door (President of Board). They had been friends for 20 years so she never had a problem with her. Mom's rent went up very little since she was still under rent control. The owner of apartment had to pay the difference for all the maintenance fees, etc., which the rent did not cover.
That question doesn't address the issue of owner-occupancy--just the general issue of whether your lease continues with a new owner. The FAQ doesn't address the problem either.
yes it does. many times the management company works for the sponsor who is usually the owner of any unsold shares (rent stabilized occupied apartments). We are dealing with a Coop Bldg with a offering plan and by-laws that govern EVERYTHING, including renters. In my bldg there is a 70%/30% owner/renter ratio. The sponsor still holds the 30% in unsold shares.
Quote:
Your proposed scenario is about skirting the law--and in order to work (if I understand your scenario correctly), the new owner would have to be a family member. The exception has to do with the owner him/herself, or a family member, moving into the unit.
you lost me here. the new owner would be just that... a new owner. under your previously linked rules they would be able to evict a tenant if they wanted the apt for themselves or a family member. All i'm saying is that is usually not the case with Coops as Coops are governed by previously layed out rules filed with the ag's office.
Quote:
It's an interesting question though so I sent it to the NYT Real Estate Q&A blog, because I'm curious about the answer.
no message board can probably answer the question about any specific "tenant-renter" in a Coop as each Coop has it's own Offering Plan & By-Laws and without reading them how would we know. The buck stops with what is filed with the Attorney Generals Office for each bldg.
If the original poster is interested in buying a coop for 70K which by the price i suspect is INVESTOR ONLY then she should contact the seller and get a copy of the offering plan and by-laws and see for herself what she can do with it.
I know they can't answer in every case; I asked a general question about evicting rent stabilized tenants from co-ops. I also know that every co-op is different, but there doesn't seem to be much either way about owner occupancy and co-ops.
Other possibility is that the tenant is over 62, which protects them from owner-occupancy evictions: NYC Rent Guidelines Board
Also, it's possible that the unit is so cheap not only because of the rent stabilization issue, but because there are other issues with the unit which are not stated. If that tenant's been in there a long time, I'd bet good money that it needs work.
I'd hope not, but it's the only condo/co-op in Queens that has 2 bedrooms and is listed under $100K. And no inside pictures either.
Two bedrooms under $100K would be a mess.
You can barely get a decent studio for that price.
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