Posted by Cranky Tenant on December 23, 2001 at 18:16:05:
In Reply to: Re: Rent Stabilized Apartment posted by DiscoStu on December 23, 2001 at 15:00:22:
As "Inquiry" mentioned, the apartment will become destabilized and go to market rate.. though given the current circumstances market rate in Lower Manhattan certainly isn't what it was six months ago. Depending on the location and the size of the apartment, the LL might wind up renting for less than he's getting now.
Best thing to do is run the idea past the LL and see what happens. If the LL refuses to end the lease "Inquiry" could always try to sublet the apartment for the remainder.
: Normally I would say, Of couse a landlord would be happy to let you out of a rent stabilized lease, especially if he can de-regulate it, but Where do you live?. It you live downtown and by downtown I mean by the financial dirstict, then thats a different story, especially since you pay a pretty high rent. The landlord will have to put some work in to the place to raise the rent. he would probaly want to raise it up to $2500-$3000 a month. Which means he has to put some good amount of cash into the apt. He can raise the rent 1/40 for every dollar he puts in (sounds right gang?). Right now downtown apts are not renting so easily, everyone wants out. Last week the times said Manhattan rents are down 15-40%. The 40% probaly downtown. So again it all depends on where you live. Just one more thing. I'm no lawer or expert, but I read this board a lot so maybe som others can chime in as well. Also if your new to this board there may be a few posters who appear to be rude, their not, their clear and to the point and always give the BEST information and straight answers.
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