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Posted by MikeW on January 20, 2000 at 17:08:11:

In Reply to: renting and living in raw space/loft posted by minna on January 20, 2000 at 11:10:28:

This just happened in DUMBO. A bunch of people rented in an old warehouse/factory. The city came along, inspected the building, decided it was out of code, and kicked out all the tenants.

I would bone up on the loft law, and consult with a lawyer before putting any money into this deal.

: I am an artist/filmmaker thinking about renting and living in a 1000 sq ft space in the Wall Street area that used to be commercial space. The downstairs restaurant that has a lease on the building is looking to rent it to someone who will convert it to living space in exchange for waiving the rent until the work is completed. The sublease can be a longterm lease because they have the lease for 10-12 years (according to the guy at the restaurant). The space has a toilet and sink but needs a bath/shower. What should I look for or who can I speak to about how to protect myself and make sure I am not getting myself into a bad situation, legally and financially? I have a plumber coming to see the space to give me an estimate. Thanks for any help you can offer.

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Comments:
: This just happened in DUMBO.  A bunch of people rented in an old warehouse/factory.  The city came along, inspected the building, decided it was out of code, and kicked out all the tenants.

: I would bone up on the loft law, and consult with a lawyer before putting any money into this deal.

: : I am an artist/filmmaker thinking about renting and living in a 1000 sq ft space in the Wall Street area that used to be commercial space.  The downstairs restaurant that has a lease on the building is looking to rent it to someone who will convert it to living space in exchange for waiving the rent until the work is completed.  The sublease can be a longterm lease because they have the lease for 10-12 years (according to the guy at the restaurant).  The space has a toilet and sink but needs a bath/shower.  What should I look for or who can I speak to about how to protect myself and make sure I am not getting myself into a bad situation, legally and financially?  I have a plumber coming to see the space to give me an estimate.  Thanks for any help you can offer.


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