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I have 2 stories for you, one of which makes me believe, you could get MUCH more for the apartment.
A friend of mine moved into an apartment around Columbus Circle in the 1970s before the area became choice. Once it became a desirable area, the landlord wanted to convert all apartments into condos. My friend refused to move. The landlord offered her (back then, mind you) $150,000. She refused. He took her to court and lost the case. He must have been wealthy enough because for retribution, he left all the other apartments empty and no longer maintained the hallways, etc. She would vacuum and dust around them herself. I don't know where she is now but she stayed at least ten years afterward.
Another friend of mine has a rent controlled apartment (midtown Manhattan - private entrance onto roof) thru marriage. This friend's friend who owned the apartment had a terminal illness and suggested she marry him so she could get the apartment. She did, the rent stayed the same, and the landlord could do nothing about it.
I also know a couple living at 53rd and Third Avenue in Manhattan who pay $750.00 after being there 28 years.
I'm disputing the truth in the amount that the tenant is paying just the story in general. The difference here is that the tenant is elderly and cannot pass it down anymore, the law was changed. Also from what the OP suggest the building is still rentals. So the landlord could just wait until the tenant moves and get the apt back. He doesn't have to really offer $40K.
I'm disputing the truth in the amount that the tenant is paying just the story in general. The difference here is that the tenant is elderly and cannot pass it down anymore, the law was changed. Also from what the OP suggest the building is still rentals. So the landlord could just wait until the tenant moves and get the apt back. He doesn't have to really offer $40K.
I'm disputing the truth in the amount that the tenant is paying .
I wouldn't dispute the amount.... my friend's mother passed away a few years ago (maybe 5 years) and she was in a rent controlled place and was only paying $60/month.
I wouldn't dispute the amount.... my friend's mother passed away a few years ago (maybe 5 years) and she was in a rent controlled place and was only paying $60/month.
I made an error in this statement. I meant to state that I was not disputing the amount.
Well if he wants to leave the city, let him. No, you are entitled to anything. What makes you think that if you rent for years you should be bought out? It is a nice thought, but logically why should a LL buy anyone out? If I were you, I would take the 40 and run.
This is just another glaring example of the gift that the legislators of NY State have given, for purely political reasons, a certain segment of the population. In effect, they have given property rights to those who never purchased those rights. The result is that the true owner of the property must pay off the political owner.
Last edited by lamontnow; 05-18-2009 at 11:13 AM..
This is just another glaring example of the gift that the legislators of NY State have given, for purely political reasons, a certain segment of the population. In effect, they have given property rights to those who never purchased those rights. The result is that the true owner of the property must pay off the political owner.
I don't understand. Why does the LL have to pay off this tenant to move. The LL could just wait it out. The tenant can't sublease or pass it down.
I agree though the OP's questions are really full of the "right to entitlement" mentality.
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Remember it is a rented apt. If one of your father's children or grandchildren are living in that apt. for at least for 2 years when he passes away then that that child/grandchild will have rights to continue renting that apt. at the same low rent. That is the only right that he and his descendants have (besides the obvious fact that your father can continue living there as long as he likes if he is paying his rent regularly).
Remember it is a rented apt. If one of your father's children or grandchildren are living in that apt. for at least for 2 years when he passes away then that that child/grandchild will have rights to continue renting that apt. at the same low rent. That is the only right that he and his descendants have (besides the obvious fact that your father can continue living there as long as he likes if he is paying his rent regularly).
The descendants can't keep the apt. It is rent controlled not rent stabilized. Rent controlled apts cannot be passed down.
I don't understand. Why does the LL have to pay off this tenant to move. The LL could just wait it out. The tenant can't sublease or pass it down.
I agree though the OP's questions are really full of the "right to entitlement" mentality.
In this specific case, you're right that the tenant won't pass the apartment down for personal reasons (or maybe now it is illegal for RC apts. But it's still allowable for RS apts).
I cited this as a glaring example of the general situation, in which the rent regulation system allows tenants to in effect behave as though they, and not the owner, have the property rights.
This is apparent in the passing of an apartment from one generation to another, as people pass their estate to the next generation.
Also the "buyout", which is in reality a term for selling property rights to the true owner.
And you're right that the LL never has to pay off the tenant, but when the tenant is holding the property indefinitely at $140/month or some other ridiculously low rent perpetuated by the system, it becomes financially prudent for the owner to cough up the dough (as repugnant as that is).
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