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Owner selling bldg -- what to expect ?

Posted by old new yorker on December 04, 2001 at 21:42:21:

I'm a rent-stabilized, lease-holding, tenant in a small double (19th cent.)limestone residential building in NYC, Upper East Side (historical district). It hasn't been formally announced, but the owner of the building (who also keeps an apartment in the bldg) has sold the building (she inherited it from her parents, and has managed it herself, under a corporate name, for the past 15 years or so.) There are about 20 units plus a street-level medical office, and I estimate 75% of the units are rent-stabilized. I've rented my 1 BR apartment for over 20 years, and currently pay less than $1500 pm (and my income is under 250K) My rental history is excellent -- and have never violated my lease, sublet, or had noise complaints. There has not been much turnover in the building since I've been here, but whenever there has been a vacancy, the apartment has been renovated, and I suppose those apartments are no longer rent-stabilized. My neighbor just vacated, and said that the owner had to deliver five vacant apartments to the new owner, and she was one of them (I do not know whether her lease was up, or what.) I heard another tenant has vacated; I'm guessing becuase it was not their primary residence, and they own a large business. What should I prepare myself for? I have a basic understanding of the NY rent-stabilzation laws, but don't know the "loopholes" (or dirty tricks). The building is well-located, and
has been adequately maintained, but I'm sure the new owners will want to maximize the income of the building. I have about 1 1/2 yrs left on my current lease. Should I contact a lawyer now, or wait to see what happens? Any insights from those knowledgeable would be appreciated. THANKS !!

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