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Old 06-28-2011, 02:29 PM
 
979 posts, read 4,459,299 times
Reputation: 519

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Quote:
Originally Posted by mathjak107 View Post
we are buying out our tenants and own apartments in a very prestigious archectural landmark building over looking central park on central park south and 7th ave . we were paying 100k at the peak. today its around 50k and these apartments are worth 1-2.5 million and we are buying them out only because we are selling them. if we were going to re-rent them we would pay nothing .
so far 9 out of 11 tenants accepted buyouts over the last decade.
And these last 2 tenants' apartments are still RS?
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Old 06-28-2011, 04:21 PM
 
106,779 posts, read 108,997,702 times
Reputation: 80230
yes they are. both are origonal tenants going back decades now.the building is co-op . our family were builders and elliot spitzer's father bernie was their client .in exchange for a discount on the construction we would take a 10% interest in the property. they did this project back in the 1960's.


its this building here

http://nyc-architecture.com/UWS/UWS003.htm

Last edited by mathjak107; 06-28-2011 at 05:43 PM..
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Old 06-29-2011, 08:13 AM
 
Location: Manhattan
25,376 posts, read 37,106,935 times
Reputation: 12776
I said a couple hundred G's because of the 3 bedroom size of the Union Square apartment.
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Old 06-29-2011, 09:17 AM
 
106,779 posts, read 108,997,702 times
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Even a 3 bedroom at the price range is highly unlikely in that area ...we paid top top dollar for the buy out of leases on apartments in the 2.5 million dollar range on central park south and that was a max of 100k. today we may offer only 50k.

if we werent interested in selling and they were merely going out for rentaL again most likely we would offer nothing.
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Old 04-23-2012, 04:49 PM
 
1,552 posts, read 3,170,134 times
Reputation: 1268
im lucky enough to live in a rent stabilized apartment but think the laws are an absolute joke
its just politicians buying votes with other people's money as usual

any time ive had something in my apartment that needs to be fixed i either fix it or pay for it myself
its not worth the hassle of trying to get someone to fix it who is getting about 25% of what the market rate for the apt is
i really dont blame the land lord either of course he doesnt want me here.

i also have no problem with what the op did
with that said he's a terrible negotiator and could have easily gotten a lot more than what he did
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Old 04-23-2012, 07:03 PM
 
4,947 posts, read 10,819,736 times
Reputation: 8577
The OP is my wife and the money we got is all we were going to get.
We since have spoken to 2 other people that were r/s like us and one got $1200 less and the other got $150 more.
Trust me...we got everything out of them that we could.
They were not going any higher.
Either way..it's water under the bridge. Leaving NYC was the best thing for us.
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Old 05-29-2012, 05:01 PM
OGC
 
1 posts, read 823 times
Reputation: 10
How much would a buyout for an RS 2bd/2bth (though technically 3bd, there's a small room with no windows adjacent to another bdrm) apt go for in Williamsburg BK (northside, prime location)? I see OP posted two years ago, wondering what that might go for now and in that neighborhood.
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Old 05-30-2012, 06:31 AM
 
4,947 posts, read 10,819,736 times
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There is NO WAY anybody here would be able to answer that.
The only way to even get an idea is to speak to the landlord.
Good luck.
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Old 05-30-2012, 06:52 AM
 
2,517 posts, read 4,258,400 times
Reputation: 1948
The simple fact that a landlord has to pay a tenant a significant amount of money to regain possession of his OWN property is just crazy! These rent laws need to go!
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Old 05-30-2012, 06:55 AM
 
Location: Brooklyn New York
18,478 posts, read 31,664,609 times
Reputation: 28019
Quote:
Originally Posted by Kefir King View Post
Landlord did okay.

So now the landlord will put in a new kitchen and bath for 20 G's and CALL it $48,000 Capital Improvements and thus divided by 40 he can raise the rent by $1200 to get the magic number...$2000 and the apartment LEAVES rent stabilization forever. If he can find a dumb jackass to pay $3000 then that's the legal rent.

he will.

there will absolutely be someone willing to pay 3k to live there, trust me.

thats why LL charge these rents, because people WILL pay it.


not me, but there are people that will.
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