Bargaining a Deal on a Rent Stabilized NYC Apartment (real estate, renter)

[fut87]

[Someone suggested I post this thread on the NYC forums as opposed to the Real Estate forums]

My father has lived in a rent stabilized apartment for the last 20 odd years.

He's currently paying ~$1,000 a month for an apartment that was valued at ~$600,000 total around 3 years ago by the owner (he gave my dad the option to buy) I'd roughly say that unstablized thee apartment could easily go for ~$2500-2800 a month. (Upper west side, 2 bedroom)

Figuring that if I play my legal cards right, I can be passed on this rent stabilized apartment once my father decides to move out.

Would it all be feasible to have more leverage to bargain a much better deal on buying this apartment from the owner?

If so, what do you think I could get for it?

Would buying this and then reselling be totally out of the question?

Thanks for all input.

[Tjny]

Please don't do that. Think about the fact that you are taking away this potential housing from some poor family who cannot afford much.

It sounds like you just want to make fast $$$ off of it and not necessity. imhop, karma

[mathjak107]

Originally Posted by fut87

[Someone suggested I post this thread on the NYC forums as opposed to the Real Estate forums]

My father has lived in a rent stabilized apartment for the last 20 odd years.

He's currently paying ~$1,000 a month for an apartment that was valued at ~$600,000 total around 3 years ago by the owner (he gave my dad the option to buy) I'd roughly say that unstablized thee apartment could easily go for ~$2500-2800 a month. (Upper west side, 2 bedroom)

Figuring that if I play my legal cards right, I can be passed on this rent stabilized apartment once my father decides to move out.

Would it all be feasible to have more leverage to bargain a much better deal on buying this apartment from the owner?

If so, what do you think I could get for it?

Would buying this and then reselling be totally out of the question?

Thanks for all input.

and this folks is why the system is one big joke..

[Tjny]

Originally Posted by mathjak107

and this folks is why the system is one big joke..

No doubt. Why blame the illegals for raping our country when this systematic abuse is encouraged. sickos

Whatever happened to people having morals and honor. Don't right because it's the right thing do to and feeling proud to be an American.

[omigawd]

Wow.... just... wow.....

I have nothing against rent stabilization or rent control but the OP? I have a real problem with something like this.

[bluedog2]

The OP states that his/her "father has lived" in a rent stabilized apartment for 20 years,NOT THAT HE OR SHE HAS LIVED THERE.Under these circumstances the OP has no rights or leverage to assume either tenancy or ownership.So buying and reselling is totally out of the question unless he/she is willing to pay whatever the sponsor is asking and is willing to incur the costs of buying/selling and the risks involved just like you or me.

So everyone can relax.I highly suspect this is a troll post anyway and this topic is getting tired on this forum.

[nightcrawler]

It's not your apartment, you don't deserve it.

[omigawd]

Originally Posted by bluedog2

The OP states that his/her "father has lived" in a rent stabilized apartment for 20 years,NOT THAT HE OR SHE HAS LIVED THERE.Under these circumstances the OP has no rights or leverage to assume either tenancy or ownership.So buying and reselling is totally out of the question unless he/she is willing to pay whatever the sponsor is asking and is willing to incur the costs of buying/selling and the risks involved just like you or me.

So everyone can relax.I highly suspect this is a troll post anyway and this topic is getting tired on this forum.

If he moves in and establishes residency at that apartment for two (consecutive) years and stays there, he does have succession rights if his father passes away. He can also have his father have management add him to the lease so he will have full rights.

BTW, I also believe this to be a troll post.

[ashely2011]

Troll or no troll, the question remains...how is it fair to pass down an apartment to a family member as if the apartment is part of the renter's estate when the renter DOESN'T EVEN OWN the property or have title to it...the landlord does!!!! HOW CRAZY IS THAT?!

Doesn't anyone see anything wrong with that? Even you liberal people on this board that support Rent Control/Rent Stabilization and other entitlement programs, deep down you must agree that passed down a property you DON'T OWN is 100% wrong and totally unfair to the owner. Another example how the RS/RC system is broke, unfair to owners and needs to be modified or eventually phased out.

[runtothesun]

I think much of the anger reserved for the OP is misplaced. That being said, I agree that you don't have much leverage there...