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14% increase for renewal

Posted by Jerome Kalifa on August 21, 2000 at 16:56:27:


Sorry if my questions are very naive, but since I'm not American and even less a native New Yorker (I'm French), I'm quite unexperienced with New York's real estate, which is why I'm begging for some advice.

I 've been renting a 1-bedroom downtown Manhattan since november 1999. I just received an offer by my landlord for the renewal of my one-year lease. He wants to increase the rent by 14%. I don't think this reflects the evolution of the market (which, according to Gabriel's guide and personal conversations, is rather seeing a decrease for downtown 1-bedroom appartements). What can you do in such a situation? Can I negociate? How far? And what's the best way to do it?

Second, I know that there are rent stabilized appartements in my building. Mine is apparently not. Is it normal? How can I check if there's a possibility that my appartment should be rent stab?

Third, when I signed the lease, I wanted to make it two years. The broker told me it was not possible, so we made it one year. Of course, it we had signed for two years, I would not face this problem. I assume I got screwed, but was it legal from the broker/lanlord to refuse?

Fourth, there is a good chance I'm gonna leave NYC 10 1/2 months after the renewal of the lease, which means I'll have to quit the apparment 1 month 1/2 before the end of the new lease? What should I do to make sure that the landlord won't force me to pay for this period?

Any help greatly appreciated. Thanks a lot,


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