Buyout (New York, York, Hope: real estate market, sublet, apartment)

[titlegirl]

i want my landlord to buy me out of a rent stabilized apartment in coney island. i live on a decent residential block two blocks from the amusement area and beach. Any idea on a figure he'll start at. Keep in mind he owns several properties. I just have an idea what to expect and should i get an attorney.

[Moderate Guy]

your landlord is a professional who own several properties. He/she knows how much more money they'll make after you vacate. Perhaps an accountant or attorney can go to bat for you to ensure that you get a reasonable offer. Try not to lowball against yourself.

Good luck.

[nyctc7]

I wish you luck, too, but I have to wonder why someone who has been paying below-market rent, does not have an ownership interest, and is not claiming some sort of damages, is entitled to being paid for the simple act of moving out.

[Moderate Guy]

Originally Posted by nyctc7

I wish you luck, too, but I have to wonder why someone who has been paying below-market rent, does not have an ownership interest, and is not claiming some sort of damages, is entitled to being paid for the simple act of moving out.

I won't argue on the issue of entitlement - but I will say that it's part of the reality of today's NYC real estate market. Landlords, especially professional investor landlords with multiple properties, know only too well the pecuniary advantages to bringing to market units that are under stabilization. Hence under advisement from their attorneys, accountants, etc., it's become status quo for such owners today to offer buyouts such as that which the OP introduced in the thread.

The ethics, or morality, I leave to others more illustrious than I am, to debate. I can only humbly offer my guidance to answer the OP's question about how to protect his/her interests when engaging in that legal transaction.

Hope that helps.

[lamontnow]

titlegirl,
Why ask for a buyout? Do what thousands of other New Yorkers do: move out and sublet for twice your rent. If the LL owns several properties, and doesn't live in your building, he'll probably never notice. In the meantime you'll being making a very nice profit running your own little business out of the LL's property. If the LL eventually finds out, the worst that can happen is that he forces out your subtenant, and then you demand a hefty buyout.
The rent stabilization system is a gift from NY to you. Take advantage of it!

[SobroGuy]

I could not agree NYCTC...this idea of I am moving out therefore I DESERVE money is outrageous..what a freaking joke. It's like I loan you a car for 1 year, and then you are done with it and want to return it back to me, as per our agreement, but during that 1 year time it is discovered that the car is in fact rare and worth far more than previously thought..much more..so now instead of giving back the car that I LOANED you, you DEMAND I PAY YOU to give me back the car. It's pure and simple extortion..anyone that tries to justify it or makes excuses is just trying to fool themselves. The value of the car today, tomorrow, or 10 years from now HAS NOTHING TO DO with you returning the car to me..the OWNER!!!!

[cjma79]

Originally Posted by titlegirl

i want my landlord to buy me out of a rent stabilized apartment in coney island. i live on a decent residential block two blocks from the amusement area and beach. Any idea on a figure he'll start at. Keep in mind he owns several properties. I just have an idea what to expect and should i get an attorney.

Yes, 1 dollar.. no more no less..

[cjma79]

You can get a lawyer, that wont help if he say, you have to choice, stay, or leave with nothing,
You are the one that want to leave, he is not kicking you out.
If you want to leave, he doesnt have to pay unless.
And if you leave on your own will, you dont get paid, unless he really wants you out.
Again, he doesnt have to pay, he can gladly say, nope you have to stay in the apartment, and if you leave the apartment and break the lease, you still have to pay the rent.
So that you have a good picture of how it works,
Buyouts are when the landlord wants you OUT, not the other way around, unless he see a big profit.

[cirlin6]

Are people just bumping rent stabilization/buyout threads for fun so we can have the same arguments over and over again?

[SobroGuy]

Looks that way....since these Tenants are paying $200 for a 2 bedroom in Chelsea..they don't have to work and spend most of their days planning their windfall of cash that will be extorted from their Landlord as soon as they decide to "retire" somewhere.