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J51/substantial rehabilitation

Posted by chelsea on November 30, 2001 at 17:28:54:

In Reply to: Re: lease renewal/rent increase in renovated apartment posted by Lilly on November 30, 2001 at 16:46:10:

If a building is rent stabilized, and it is substantially rehabilitated with a J-51, it remains stabilized period, not just for the period of the tax abatement.

If the renovation was without a J-51, it may be removed from rent stabilization under certain circumstances, but the requirements are pretty stiff (not just repairs or minor renovations, but major work to all systems of a virtually empty dilipidated building).

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