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My father lives in a rent controlled apartment in NYC, it has been passed down through 4 generations and he only pays $140/month, which includes his water bill. He is getting on in years and wants to leave the city to be with me and my sister, we don't want to move back to NY to take over the apartment. The real estate company that owns the building wants him to move because all the other units in the building are bringing $1,600/month. They have offered him $40,000 to move out. We have asked to see the original lease and were told it doesn't exist, he was rude and nasty with me. Does my father have the right to sub-let the apartment or to "sell" it to someone else? Should he ask for more money to move out?
My father lives in a rent controlled apartment in NYC, it has been passed down through 4 generations and he only pays $140/month, which includes his water bill. He is getting on in years and wants to leave the city to be with me and my sister, we don't want to move back to NY to take over the apartment. The real estate company that owns the building wants him to move because all the other units in the building are bringing $1,600/month. They have offered him $40,000 to move out. We have asked to see the original lease and were told it doesn't exist, he was rude and nasty with me. Does my father have the right to sub-let the apartment or to "sell" it to someone else? Should he ask for more money to move out?
He can only sublet the apartment at 140 dollars and I think less then 2 years or 1 year, he can't sublet for ever.
No he cant sell the lease.
I don't think you would find an original lease. But your father should have a document, which he probably stuck in a box somewhere,which listed the miniscle rent increase that happens nearly every year. What I think you need to look is if he gets frail, which one of y'all will become his 24 hour nurse. We have a saying down south;" Once an adult, Twice a child". If you decide to take the money and run, see if you can up it to $57,600 a get a written letter from the land lord to accept the apartment in ASIS condition and that they release him from any damage claims after he has moved out.
Why do you think he should get anything at all? If he suddenly dies tomorrow or the next day you will get nothing. Don't get greedy,be thankful for the $40,000.00
I agree with BlueDog.... if he were to suddenly die tomorrow, you would be entitled to nothing, including the apartment. See if you can get them up to 50K (which is probably what they're willing to give since they said 40K) and get him out of there.
I agree with all suggested above. But I have to ask myself is this for real? or is this just another thread about rent controll from a disgruntled landlord. If so there are plenty of threads on this subject.
You don't own the building, and probably have no right to anything. Just take the money and go. I think the landlord is being kind.
..... But I have to ask myself is this for real? or is this just another thread about rent controll from a disgruntled landlord. If so there are plenty of threads on this subject
Thought about this possibility too. I wondered whether there really could be any $140.00/mo apartments left anywhere in the city.There are a few rent controlled tenants in my building( non evict coop in The Bronx) and even after being there for almost 50 years they are paying rents of 700 or 800 a month for a 1 br, which is about 1/2 the market rate.
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.
For a rent controlled apartment, it has to be the primary residence? Is that correct?
I'd hold on to that sucker for as long as I could - it is the same price as 1 night in a (crappy) hotel!
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