Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have lived in my rent stabilized apartment for 15 years now. It is just under 1000 sq. ft. (which is huge for a NYC apt )and it is located in a very popular and sought after area of Brooklyn called Cobble Hill/Carroll Gardens. I love my apt. and I absolutely love my neighborhood. It is close to everything and anything you may need or want from a neighborhood. Because it is rent stabilized and I have lived here for 15 years I pay WAY under market value. If I were to move out my landlord would be able to charge double if not even triple the amount of what I currently pay. That being said my landlord has approached me on 3 occasions throughout my tenancy regarding possibly buying me out of my lease. Up until now I have never considered moving. Just recently my landlord approached me yet again and asked me if I would consider being bought out of my lease and to give him an amount for him to consider. My only concern is that I would not know how much to ask for. I have heard that the going rate for rent stabilized landlord lease buyouts go for around $65K. Is that true? If not what would the average rent stabilized landlord lease buyout be? Any feed back from persons knowledgeable in this area would greatly be appreciated. Opinions on this topic not wanted. Just facts. Thank you.
Be prepared to be flamed big time...... Many people who post here are so dead-set against any form of Rent Stabilization or Rent Controlled apartments and when they see a post like yours, they lose it!
Anyway, if you've heard 65K, I would tell him I want 75K in one lump sum ---- electronic funds transfer from his bank account to yours. (no checks to bounce, no cash to worry about, no possibility of a phony cashiers check).
I believe the amount is taxable as income - so don't forget that your 65K will not really be 65K. Personally, I would find and pay a lawyer who could negotiate a settlement for me.
I would ask for alot more than 75K. You have to look at the numbers. Right now, say the OP is paying $1000 and the market rate is $3000. That's an extra $24K the landlord can make per year if OP moves. If he paid out 75K, landlord would start to profit after 3 years.
On the other hand, the OP decided to stay into his old, old age -- let's assume he is 50 and might live to 90. Well, that's 40 years * 12 months/year * $2000/month = $960,000 that the landlord loses over 40 more years of OP living there. And that's not even accounting for the rent going up over the course of 40 years.
This is why no one wants to own rent stabilized apartments.
This is also why I would get a lawyer. Otherwise you are kind of pulling numbers out of thin air.
If the building is stabilized and the rent is 1,000/mo how does the landlord get the rent up to 3,000/mo in one jump ? How does the apartment not remain stabilized ? The legal maximum rent on vacancy will be set by the guidelines and not by the landlord unless he wants to subject himself to a rent rollback.
You might be overestimating the value of the dissolution of your tenancy to the landlord.
Even if he gave you 65K, it is going to take him years to make up the difference.
oh, and just think, if he does and you accept, once the 65K runs out, you no longer have the stabalized apt.
I would stay, and def not move....but I like Cobble Hill, so I am partial...
PS: are you close to the 2K mark, I believe and i could be wrong, but once stabilized rent get to 2K, it becomes market rate. so you would have to figure how long you would come to that point and see if it is worth it for you.
Oh and also, I might be the only one, but i am glad for all the controlled tenants and stabilized tenants......
Where will your sorry, entitled ass move to and pay a market rent????
daveinbedstuy
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
