Landlord wants us to leave our rent stabilized apartment (Accord: affordable apartment, rent stabilized apartments)

[MikeNigh]

When you are buying a condo, a rough estimate is every 300/mo saved in rent is +$100k in purchase price. If your place would rent at market rates at $3k and you are paying $900... That would be the rough equivalent of owning a $700k condo. Why would you leave that for $5k, 10, 40 or even 100 lol?

[mathjak107]

Illness , family emergencies, job loss, relocating and or retiring elsewhere are your biggest reasons.

[NYChome]

You have already hit the real estate jackpot, but landing a rent-stabilized apartment. You are smart to consider what it would cost you to rent a market-rate apartment in the same neighborhood. However, what if you could move to a different neighborhood? Need a change of scenery? New job? Retiring? Etc.?

The bottom line is that you don'that've to move if you don't want to, it sounds like you have a sweet deal and are happy. By telling your landlord that you have no plans to move, you are being honest, but also a good negotiator. Your landlord has an in incentive to pay you to move out and will keep increasing his buyout offer until it does not make financial sense to him. However, that could be a life changing amount of money to you. One day, he may bring you an offer that you need to consider. for example, what if he offers you enough money to pay cash for a new home. Without a mortgage, your monthly expenses may be comparable to your current rent, plus you will be building equity in your home,

In regard to your friend, there is no guaranteed buyout, if his landlord didn't offer him one.

[mathjak107]

We offer 50-100k to buy out the leases in our apartments which are co-op and in a prestigious building over looking central park .

This is in some of the most prime real estate in manhattan on central park south and 7th ave.

I doubt any place in brooklyn will command anywhere near as much.

[Kefir King]

Remember, the people who are in possession of valuable vastly underpriced rent stabilized apartment rented them AT MARKET RATES 30 or 40 years ago.

[livingsinglenyc]

Originally Posted by mathjak107

We offer 50-100k to buy out the leases in our apartments which are co-op and in a prestigious building over looking central park .

This is in some of the most prime real estate in manhattan on central park south and 7th ave.

I doubt any place in brooklyn will command anywhere near as much.

Wow your tenants would be crazy to give up the apt

[mathjak107]

7 out of 9 tenants did take the buy out

[livingsinglenyc]

Originally Posted by mathjak107

7 out of 9 tenants did take the buy out

So you had 7 out of 9 crazy tenants

[mathjak107]

Actually our company had 37 out of 39 tenants sell out over the decades but we were not partners in the LLC until only 9 were left.

[Kefir King]

Originally Posted by mathjak107

7 out of 9 tenants did take the buy out

Such a small building for that neighborhood???

Aha, Just read your subsequent post.