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Buying and Selling an IMD Loft

Posted by Bill on March 07, 1997 at 11:39:14:

A tenant wants to sell us their IMD Loft in which they've resided for 20 years. Tenant claims no lease.
Six story building; multiple units per floor; other units bought out by landlord; plans to condo.
I think IMD Lofts can only be sold (fixtures & the right to the lease???) once. The library had only half a copy of the Loft Handbook.
1. What happens when we're finished with the space? Does it go back to the landlord? (Rent = ~$1,000)
2. Can it be passed on to our kids?
3. In light of rent-decontrol possibility, is the ~$1,000 rent meaningless?
4. Since it's a Live-Work space, would it be better to form a corporation to buy it?
5. Does anyone have a recommendation for an attorney versed in loft law, and/or a financing recommendation?

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