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stay for renovation?

Posted by Leslie on April 10, 2000 at 10:02:31:

I was wondering if anyone on the list has lived through a building renovation?
Our building is in the process of being bought. The deal closes at the end of may. If we sign a lease with our current owner before the deal goes through are we entitled to stay in our apartment? Or does the new owner have rights to increase the rent because of Capital improvements? My husband and I are trying to decide if it's worth signing another lease (for two years). We live on a 4th floor walk up now, but the new owner is going to add 2 floors directly above us, plus renovation of plumbing, wiring, and the facade of the building. Our individual unit has already been renovated, but other units in the building have not. We were told that the renovation will last a year. We don't want to move, but are weighing the costs of living with a messy and loud renov. for a year (plus the probable rent increase). Could we ask for moving expenses (broker, truck rental fees) if we decide to leave? Seems like it would be in the new owner's interest to have us out. Could it be worth staying if we can lock in a two year lease at our current rent? Can anyone share a similar experience?

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