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You GOTTA be kidding me. Does it overlook the Metropolitan Museum or tower over Columbus Avenue? If not, stay on as a renter.
I think you get at least 3 years, not certain, infinity if over 62 years old, as long as you wish if rent stabilized.
But really at $2K/square foot, you really should walk away. You probably have 3 years to decide on something suitable?
gi,
Your numbers are mixed up. I presume you mean a sales price of $279K rather than 279M. At a cost of 2K/square foot, you are describing a 140 square foot apartment.
For price to rent at 46, the calculation shows a $6,065 rent or $500/month. And that implies rent stabilization or else you really DO live in 140 square feet.
Straighten me out.
No Typo. $279M is the total cost of all 177 units in the building.
Are you a rent-stabilized tenant or a market rate tenant?
If RS, then you can stay on in a non-eviction conversion. If market rate tenant, the developer can refuse to renew your lease.
Market rate. I figured they can refuse renewal. What Im unsure is the likelihood that they will refuse when my contract is up next June, as only the Red Herring has been submitted.
Im starting to look around anyways at places to at least measure out my options.
There nothing writ in stone. They can refuse to renew your lease in June. But it is likely they will do it only of they are looking at the likelihood of the red-herring's acceptance, a suitable black book, a likelihood of 15% buy-in..all fast.
I will guess that they will extend your lease another year. These conversions are never quick. Sometimes they wither on the vine.
C'mon, tell us what they will sell your apartment to you for...pretty please?
Market rate. I figured they can refuse renewal. What Im unsure is the likelihood that they will refuse when my contract is up next June, as only the Red Herring has been submitted.
Im starting to look around anyways at places to at least measure out my options.
IIRC all leases have a minimum amount of days before ending for renewal or not notices must be sent. Check your copy of the original lease.
If the building does vote to convert and you do not choose to purchase there is always the chance yours and similar units will be offered for sale to investors. Then you would have a new "landlord" and have to work things out with him or her.
Then you would have a new "landlord" and have to work things out with him or
her
I think that would likely be the case only with a stabilized tenancy, and Mr. GI is market rate, aka disposable.
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