Posted by MikeW on January 14, 2000 at 14:39:43:
In Reply to: Re: buy-outs...HUH?????? posted by richard on January 13, 2000 at 17:51:05:
... he won't divide it. He'll renovate it for as much as he has to in order to get the rent over $2K. Then he can get it out of regulation completely. I've seen this done myself. I gave up a $900/month studio that morphed into a $2800 three bedroom.
To the original poster:
I would approach it this way: The rule for capital improvement is that they can get a monthly increase of 1/40 of the cost of the improvement. Figure out what the market rent would be for your apartment, and get the present value of that cash flow stream at, say 7% over 40 months. Offer to give him the apartment for that. You'll probably have to negotiate down a bit, but it gives you a good argument.
: What makes you think the Landlord will pay you any money?
: And he can bide his time till you are too feeble to make it up 5 flights and you give it up for Nothing!
: Maybe youll get lucky and get a few thousand to help with moving expenses.... but the BIG MONEY is when he harasses you to leave, and $5000 is peanuts in this market...
: Dont worry he'll find a way to create 2 studios out of your apartment..at market rates....
: : Hi Folks: First let me thank you for creating this invaluable web site. Having been a tenant activist for years I know it's a grueling task with little reward except that of knowing we fight for fairness and justice...But I, at my late age, am thinking of leaving this great city and returning to my roots...Challenge? Arriving at a reasonable landlord ( hate the word )...building owner buy-out to remove myself from this fifth floor walk-up upper East Side rent contol railroad apartment I've had for the last thirty years...so far the owner says my apartment is not desirable, and that dividing it into studios is now not allowed by the Building Department???? Any ideas out there? ( During the last eighteen years the owner has paid a total of $5000...to the last tenant to move...the rest of the vacating was through aggressive luck and sheriff enforced evictions, followed by apartment division and remodeling...usually without work permits. )... My thanks to you all for any suggestions and a Happy Peaceful 2000.
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