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hi guys, i have a situation here. i am trying to succeed a lease from one of my family member who have passed away in a rent stabilized building. The LL does not want me to and instead try to convince me that paying lower rent in a rent stabilized building was a horrible thing to do and that i should give it up and leave. I mention to him that i cannot afford rent in another apt in the same area with my salary if i move out. LL simply said that is not my problem and that it is my problem that I dont' earn enough. But it's not my problem that my rent is low and protected by rent stabilized law and that he wants me to give the apt back to him for free. So it is his problem now lol.
Let me give some info. My rent is between $1000 - $1300. Any apt in the area for the same size is pricing for minimum $2500 to $3000 ++. The apt is located in downtown Manhattan which is about 10 min walk to cityhall. My goal is to renew the lease in my name as I have all the required and necessary documents to succeed. Since ll was so upset and mad and disgusting over the phone i gave LL an option of buying me out if LL so wanted me out of the apt. LL said he will not give me a number but asked me to give him a #.
After thinking about it, I strongly believe the LL should be the one making a offer to me since LL is the one who wanted me out so bad. I am not the one asking to leave. So, my question is what you guys think a reasonable offer to make/accept? Keep in mind that the same apt in the same area would cost me $2500 - $3000. Also, the city just froze rent hikes for rent stabilized apt at 1% a year and 2% a year. LL can only increase my rent for total $20 - $30 for 2 years.
hi guys, i have a situation here. i am trying to succeed a lease from one of my family member who have passed away in a rent stabilized building. The LL does not want me to and instead try to convince me that paying lower rent in a rent stabilized building was a horrible thing to do and that i should give it up and leave. I mention to him that i cannot afford rent in another apt in the same area with my salary if i move out. LL simply said that is not my problem and that it is my problem that I dont' earn enough. But it's not my problem that my rent is low and protected by rent stabilized law and that he wants me to give the apt back to him for free. So it is his problem now lol.
Let me give some info. My rent is between $1000 - $1300. Any apt in the area for the same size is pricing for minimum $2500 to $3000 ++. The apt is located in downtown Manhattan which is about 10 min walk to cityhall. My goal is to renew the lease in my name as I have all the required and necessary documents to succeed. Since ll was so upset and mad and disgusting over the phone i gave LL an option of buying me out if LL so wanted me out of the apt. LL said he will not give me a number but asked me to give him a #.
After thinking about it, I strongly believe the LL should be the one making a offer to me since LL is the one who wanted me out so bad. I am not the one asking to leave. So, my question is what you guys think a reasonable offer to make/accept? Keep in mind that the same apt in the same area would cost me $2500 - $3000. Also, the city just froze rent hikes for rent stabilized apt at 1% a year and 2% a year. LL can only increase my rent for total $20 - $30 for 2 years.
What is a good buyout?
$300,000 - $400,000 - bearing in mind that unless you use this immediately to buy your landlord is getting the best part of the deal. Given costs of living, that's not a lot of money here unless that is an income you receive each year.
It can be smarter financially to stay in a regulated unit. But only you would know that.
First, don't play the buyout game, at least in the beginning. Insist on the renewal lease. If the LL is giving you crap, find a lawyer, and have them write him a letter saying that you have the right to a renewal lease, you have the documentation to get succession, and you will enforce your rights to succession. This might cost you a couple hundred bucks. I know people want to cheap out by avoiding a lawyer. But nothing says "I serious about enforcing my rights", than a letter for a lawyer who knows exactly what those rights are, and how to enforce them.
Do that and see what response you get. Do not make the first bid in a buyout negotiation. It doesn't sound like you want to leave, and you have no reason to. If you get the lease, and then want to do a buyout, you'll be in a much stronger position.
Since the LL is negotiating with you, it's easy to assume that you are ok in this regard, but read the rules carefully in terms of what you need to do.
First, don't play the buyout game, at least in the beginning. Insist on the renewal lease. If the LL is giving you crap, find a lawyer, and have them write him a letter saying that you have the right to a renewal lease, you have the documentation to get succession, and you will enforce your rights to succession. This might cost you a couple hundred bucks. I know people want to cheap out by avoiding a lawyer. But nothing says "I serious about enforcing my rights", than a letter for a lawyer who knows exactly what those rights are, and how to enforce them.
Do that and see what response you get. Do not make the first bid in a buyout negotiation. It doesn't sound like you want to leave, and you have no reason to. If you get the lease, and then want to do a buyout, you'll be in a much stronger position.
I agree with this.
Missed that the OP did not necessarily want to leave.
Unless you just wanted to leave in the first place, which you say you don't, I wouldn't even bother talking about a buyout. Whatever money you get from that will be gone faster than you think with paying double the rent somewhere else, unless you're planning on moving to Florida or something.
hi guys, i have a situation here. i am trying to succeed a lease from one of my family member who have passed away in a rent stabilized building. The LL does not want me to and instead try to convince me that paying lower rent in a rent stabilized building was a horrible thing to do and that i should give it up and leave. I mention to him that i cannot afford rent in another apt in the same area with my salary if i move out. LL simply said that is not my problem and that it is my problem that I dont' earn enough. But it's not my problem that my rent is low and protected by rent stabilized law and that he wants me to give the apt back to him for free. So it is his problem now lol.
Let me give some info. My rent is between $1000 - $1300. Any apt in the area for the same size is pricing for minimum $2500 to $3000 ++. The apt is located in downtown Manhattan which is about 10 min walk to cityhall. My goal is to renew the lease in my name as I have all the required and necessary documents to succeed. Since ll was so upset and mad and disgusting over the phone i gave LL an option of buying me out if LL so wanted me out of the apt. LL said he will not give me a number but asked me to give him a #.
After thinking about it, I strongly believe the LL should be the one making a offer to me since LL is the one who wanted me out so bad. I am not the one asking to leave. So, my question is what you guys think a reasonable offer to make/accept? Keep in mind that the same apt in the same area would cost me $2500 - $3000. Also, the city just froze rent hikes for rent stabilized apt at 1% a year and 2% a year. LL can only increase my rent for total $20 - $30 for 2 years.
What is a good buyout?
Well actually it *is* your problem.
Yes, you may succeed in getting the apartment but if you cannot pay the monthly rent and worse the LL knows this, it will just be a matter of time before you are gone.
Anytime time you are late with rent there will be a Three Day Notice. Once that happens the LL does not have to accept anything but the two months rent you owe, which means a trip to housing court. By the time you get a court date you'll probably owe three months rent or the third will be due soon. LL will balk at doing anything that makes your life easier such as stipulation agreements or whatever. A judge may force him to comply but don't always count on it.
Advice given about remaining if you truly want the apartment is sound. But just know you've already let the LL know the rent is going to be a stretch so you'll have to be correct in staying current.
You misunderstood. I can afford the stabilized rent. I just cant afford the rent in the same area at market rate. Ll wants me to move and if I cant rent at market rate then its my problem. But why would I move...
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