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Old 11-07-2010, 04:28 PM
 
16 posts, read 116,983 times
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Curious as to the dynamics of this...what happens/options do tenants have that live in an apartment building that sells? Not alot known at this point..the for sale sign is in front of the building. If the owners change hands and keep it as apartments, does the lease still stand? As in rent staying the same? What if the building sells and the new owners say "everyone out"...what happens? Just looking down the road...thanks for any assistance.
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Old 11-07-2010, 05:12 PM
 
Location: Beautiful Pelham Parkway,The Bronx
9,239 posts, read 23,973,977 times
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Any new owner buys the building with the leases/tenants in place and cannot just throw anyone out.
Whether the leases get renewed at the end of their terms depends on the wording of the leases and whether the building and apartments are under the supervision of the city or the rent guidelines board.If the apartments are stabilized or controlled,the new landlord has to offer you a lease renewal just as the current landlord would.
The only exception would be if the landlord can prove that he wants the apartment for his own personal family use.
NYC Rent Guidelines Board
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