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[FONT=Verdana]I know nothing about these types of things and didn't even know things like this happen! My landlord (its a property management firm that just bought the building 3 months ago) came up to me the other day and asked how much would it cost to buy me out of your apartment. Here is a little bit of background information on my apartment. I have been living there 1 year, just signed a 2 year lease this month (rent stabilized). I live in South Williamsburg in a 1 bedroom (building not so nice, apt. pretty decent) for $1555.00 a month (not outrageously cheap). There are people in the building that have lived there for 20+ years that probably pay significantly less (my apartment has been renovated 2 years ago). How would I go about coming up with an amount to ask for? I would appreciate any help on this matter, thanks![/FONT]
It's probably not worth it if you plan to stay in the NYC area. Whatever they give you, will go right back out of your pocket once you get into market rate housing somewhere else. There is no indication that rents in NYC will go anywhere but much higher.
I have been looking around and seems like $2000 -$4000 but all the apartments in the area are nicer then the building I live in know. I havent really been able to find one that compares more closely.
People usually fight tooth and nail to keep their buildings and apts rent stabilized.
A couple of things will happen if the bldg turns, ie, a certain % of renters agree to sell out their lease,
either they will greatly increase the rents including yours when it comes up for renewal,
or they will renovate the building which means you will probably have to move out,
or they will sell the bldg/lot and you can add the first two scenarios together.
Unless they offer you big bucks enough to buy your own apt probably not worth it.
Don't give him a number. Say you're not interested and see what he says, and go from there. You're in the position of strength here.
Actually in negotiating, you are always in a better position to make the first offer. People nearly always end up very close to the middle (plus or minus 20%) between where the first offer was made and what the first counter offer was. You have a much better chance of controlling the final price if you set the first offer correctly.
Research the market rates. Go to open houses, look at listings, talk to real estate agents. Gather as much info. on what the going rate is as you can find before responding at all. Also, if you decide you simply don't want to move, give him an outrageously high offer (2-3x the market rate, as long as you aren't afraid of being a little shameless). Let him either say no or give you an incredible deal.
I'm also inclined to say not worth it. The only way you should give it up is if you are okay with moving to a different part of the city where you can find another rent stabilized apartment for the same price you are paying now. You can definitely get one in Queens for around that price (for a one bedroom anyway..I have no idea how big your apartment is but you can probably find something comparable). It won't be in Williamsburg though. If you love your neighborhood and want to keep living there don't do it.
Actually in negotiating, you are always in a better position to make the first offer. People nearly always end up very close to the middle (plus or minus 20%) between where the first offer was made and what the first counter offer was. You have a much better chance of controlling the final price if you set the first offer correctly.
In normal negotiations this is true. However in this situation the balance of power is skewed very far in favor of the tenant initially.
There was an interesting article in the NY Times about this last year: http://www.nytimes.com/2011/02/06/re...pagewanted=all One tenant was initially offered 10,000, then 20,000, then 75,000, and kept turning them down. She ended up getting bought out for an undisclosed, substantially higher amount. She never made an offer of her own.
It wouldn't hurt to try to find out what other tenants have been bought out for, though.
I think I would only take a buyout of a rent-stabilized apartment if it were enough for a down payment on my own place...the only time a landlord would pay that much is on Park Avenue or something where the market rent is $10,000.
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