How to get in to Rent Stabilized Apartments (New York, York: broker, transfer)

[gdowler]

How do you find, get on list, get in to a rent stabilized apartment? Anyone Have success stories failures? I know a couple who recently got into a rent stabilized building in park slope for $700/month. Just curious.

[BXGEAR]

Originally Posted by gdowler

How do you find, get on list, get in to a rent stabilized apartment? Anyone Have success stories failures? I know a couple who recently got into a rent stabilized building in park slope for $700/month. Just curious.

You have to know the current tenant. That person has to sign the lease over to you

[Elvira Black]

Check out this link:

NYC.gov - Finding an Apartment

[mead]

I don't think people are allowed to transfer their rent-stabilized apartment to another person. (Is there an exception for family members?) I know there is a clause in the rent stabilization agreement that states that the owner of a property does not have to renew the lease if the tenant does not make the rent stabilized apartment their main residence.

In reality however I know of many people who live in rent stabilized apartments owned by friends or family members who allow them to use the place with cheaper rent while they have moved to a bigger apartment or out of the area.

My current place is rent stabilized and I plan on staying here until I get married/have kids (its only a 1 br). When I applied for the apartment with the management company I actually had no idea that the place was rent stabilized, I just thought it was a regular market rate apartment. When I went to sign for the lease though that is when I was told it was under rent stabilization.

Before I moved into this place I was generally against rent stabilization since it does make the rental market really wacky and drives up prices for market rate apartments. (Check out this article for a good idea of how this ends up working out: The Berserkonomics of One Rent-Stabilized Apartment Building -- New York Magazine) . However now that I'm in a rent stabilized place, I'm going to ride this gravy train for as long as I can. I guess being put in this position has a way of corrupting your beliefs.

[scatman]

I was in a studio in Park Slope, which, over the course of 15 years, went from $525 to $750 per month. Just remember, though, the length of the stabilization only goes as long as the landlord's tax abatement (normally 10-15 years). However, the landlord MUST give you notice of the end of the abatement period (I think he has one year before the end of your lease to let you know). After the abatement time ends, he may raise it to market rates. However, you may be able to appeal if you have proof that his rent is above market rates.

[mead]

Doesn't that tax abatement only apply to new construction?

My building is really old, it was probably built back in the 1920s.

[Funyun]

There are one million rent stabilized apartments in New York City. Either go to a broker or go directly to the superintendent of the building you want to rent in by finding out the super's apartment number and/or phone number (they're usually listed on a sign in the lobby of the building).

You will probably have to pay a "finder's fee" for the apartment though, especially to a superintendent - in my opinion, there's really no such thing as a "no fee" apartment here. If it's a really desirable building or neighborhood and the rent is relatively low, the more you pay the person, the more likely you'll get it.

[Elvira Black]

Good advice, Funyun...like most things where competition is fierce, those who think outside the box and put in the extra "mile" are much more likely to get what they want. Not to say it's that easy, but how many worthwhile things in life are?

[Funyun]

My building is from around the 1930s and I've lived in a rent stabilized apartment for almost 20 years and never heard of the tax abatement.

I also think the terms "rent stabilized" and "rent controlled" are getting mixed up here. They're not the same thing.

NYC Rent Guidelines Board Rent Stabilization vs. Rent Control

Originally Posted by mead

Doesn't that tax abatement only apply to new construction?

My building is really old, it was probably built back in the 1920s.

[Funyun]

Yes, I paid a finder's fee almost 20 years ago and I knew someone who lived in the building (a relative). It's just something you do here, as far as I know at least.

Originally Posted by Elvira Black

Good advice, Funyun...like most things where competition is fierce, those who think outside the box and put in the extra "mile" are much more likely to get what they want. Not to say it's that easy, but how many worthwhile things in life are?