Posted by Jason on June 09, 2000 at 14:20:52:
I am in an apartment which has been rent stabilized for almost 20 years and am the original lease holder. The new owner (third in a year) claims that since the J-51 has expired on the building, they are no longer required to renew my lease, which is in the name of my corporation. The owner claims that a business can not hold a rent stabilized lease. It was renewed two years ago (at which time the J-51 had already expired). The owner wants what he determines is market rent, which is a 100% increase.
1. Can a corporation continue to hold a rent stabilized apartment if the corporation is using the space for business and has authorized tenant living in part of the space too?
2. If this is the first time the unit is taken off rent stabilization, should it not be a vacancy lease and a full market rent increase thus be illegal?
Thanks to anyone who has legitimate insight.
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