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Do it like an MCI

Posted by MikeW on December 13, 2001 at 17:16:28:

In Reply to: How to evaluate 'buyout' offer (by new landlord) posted by Michael Kraft on December 12, 2001 at 13:11:23:

The law allows LLs to get back 1/40 of any major capital improvements per month, so these improvements pay back in 40 months. Use the same strategy. Figure out the market value of the apartment, subtract what you're paying now, and multiply that amount by 40. Say the market value is $2000/month and you're paying $1000/month. I would ask for $40,000 for a buyout.

: I expect to be offered a 'buyout' on my rent-stabilized apartment (Upper West Side Manhattan brownstone) by the new landlord of the building. (An offer has already been made to one of the other tenants.)

: While weighing the alternatives (i.e., not accepting the buyout), how can such an offer be evaluated, strictly financially? In other words, is there a source of 'comparables' for what buyout offers tend to be in particular areas of the city for 1-BR, 2-BR, etc. ?

: Thanks.

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