Need Buyout Guidelines for NYC Apartment (tenant, evict, fee, landlord)

[lbjcats]

Hi, Everyone,

I've lived in my rent-stabilized apartment in midtown Manhattan for 35 years. The building was converted to a coop about 20 years ago, and I decided not to buy (the mortgage and the maintenance charges would have been double my rent and I couldn't afford it even though in hindsight I should have since I could have bought for $80K and now my apt. is worth about 750K!).

After years of harassment by the landlord to evict me and my cats, I'm now finally looking to move out-of-state, and want the landlord to pay me a buyout/termination fee that's appropriate to the circumstances. How do I calculate the right amount to ask for? My rent is $1001, and could be rented for 3 times as much (though the landlord will probably sell the apt. for $750K plus). The landlord has asked me to name my price and he will consider it or reject it and continue to offer me renewal leases.

Can anyone give me the logic and amount of the buyout which is likely be accepted by the landlord? I really want to move down south and buy a home (they're very cheap in Alabama and Georgia, where I can get a 3-bedroom, 2 bath lovely home for $100-120K!). I don't want the landlord to reject my figure but I want to get whatever I'm due for this valuable lease.

Many thanks, in advance, for your help!

"lbjcats"

[ShaneSA]

That's a very specialized need. It depends on the apartment condition, location, comps, and market conditions. You need to talk to an agent that would be knowledgeable about such things.

[rjrsm]

Currently, I'm in the same situation as you were. Did you get a resolution? Would you mind sharing how you got the issue resolved with the buyout?

Thanks

Originally Posted by lbjcats

Hi, Everyone,

I've lived in my rent-stabilized apartment in midtown Manhattan for 35 years. The building was converted to a coop about 20 years ago, and I decided not to buy (the mortgage and the maintenance charges would have been double my rent and I couldn't afford it even though in hindsight I should have since I could have bought for $80K and now my apt. is worth about 750K!).

After years of harassment by the landlord to evict me and my cats, I'm now finally looking to move out-of-state, and want the landlord to pay me a buyout/termination fee that's appropriate to the circumstances. How do I calculate the right amount to ask for? My rent is $1001, and could be rented for 3 times as much (though the landlord will probably sell the apt. for $750K plus). The landlord has asked me to name my price and he will consider it or reject it and continue to offer me renewal leases.

Can anyone give me the logic and amount of the buyout which is likely be accepted by the landlord? I really want to move down south and buy a home (they're very cheap in Alabama and Georgia, where I can get a 3-bedroom, 2 bath lovely home for $100-120K!). I don't want the landlord to reject my figure but I want to get whatever I'm due for this valuable lease.

Many thanks, in advance, for your help!

"lbjcats"

[STT Resident]

Originally Posted by rjrsm

Currently, I'm in the same situation as you were. Did you get a resolution? Would you mind sharing how you got the issue resolved with the buyout?

Thanks

The OP only posted three times on CD four years ago on the same issue and hasn't posted since so not likely you'll get a response. Suggest you follow the advice which poster ShaneSA gave then. Good luck.

[jdm2008]

Originally Posted by rjrsm

Currently, I'm in the same situation as you were. Did you get a resolution? Would you mind sharing how you got the issue resolved with the buyout?

Thanks

Post on the NYC forum. The rules for this are very unique and people not familiar with it specifically will not be able to give advice. However be prepared for a great amount of hostility. But alot of money is at stake so you'll have to deal with it!

[LegalDiva]

Read this thread..

This tenant just got bought out for $ 24,500.

http://www.city-data.com/forum/new-y...uy-me-out.html