Posted by Marshall Sponder on December 17, 2001 at 23:12:22:
When a Co-op apartment is bought back by the Building owner to convert back into a rental unit, what is the Tenant rights of renters who paid the Co-op owner, who is a friend.
The Kensington, Brooklyn building where we live was converted by the owner of the Building into a Co-op Building in 1987-1988; to my knowledge, of the 47 apartments in the building, only 15 were Co-op owned. Then, starting around 1995, the owner began to buy back Co-op apartments (at a loss to the co-op owners, who wanted to unload them, appearantly). The Building owner wants to convert the building back into all rental units, to my knowledge.
My wife, son and I rent one of the remaining Co-op apartments, the apartment is owned by friend for atleast 13-14 years. We have no formal lease, we pay (usually direct deposit to her account) the monthly upkeep costs (570.00) to the owner who then pays the Co-op maitiance with it.
The owner of the building recently offered to buy back the apartment we live in from the Co-op owner; she first told us she would to sell it back to the landlord in late October. Since then, we have heard nothing and have continued to pay our friend in the usual way, direct deposit into her account.
What are our rights once the apartment is sold back to the Landlord? Can the Landlord raise our rent to whatever he wants or is the apartment rent controlled in some mannor? What other rights do we have, esp if we want to stay?
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