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Posted by DK on December 07, 1998 at 12:47:44:

In Reply to: Hotel Rights posted by Ron on December 06, 1998 at 04:45:18:

You do not have the right to compel the hotel to renovate your room, but you do have a right to continuation of all essential services (i.e. the services which you were receiving when the room became rent stabilized). Of course, they have to repaint your room every three years. Obviously, they have to continue making routine repairs and to fix anything that is broken.

If you want to negotiate a buy-out, you should think very hard. In effect you are selling your home and you have to be sure that you will be able to replace it with the proceeds of your buy-out. Do not forget the taxes you may have to pay on the buy-out proceeds. If you are negotiating for a substantial sum, you should probably retain a lawyer with lots of experience doing buyouts. Be careful not to overpay the lawyer. Many charge a percentage of the buy-out, but often you'll be better off paying a flat rate, anywhere from $2,000 -$5,000.

: I have lived in a hotel in Manhatten for about 18 years. It was once a grand hotel. It currently has permanent tenants who are rent stabilized such as myself. For many years it has not operated as a full service hotel. I would say that approximately 90% of its occupancies were permanent tenants.

: Since the tourist explosion in NY, the owners of this hotel have spent millions of dollars to renovate and bring back its hotel stature. Many tenants have moved out but a large portion are still living here. The owners have done a fantastic job and are now running a full service hotel and profiting quite well.

: They have not touched mine or any of the other tenants apartments.

: My question is, what rights, if any, do I have to ask them to renovate my apartment?

: Also, can I get them to buy me out? They haven't asked me to move and I don't think they will but it may be advantageous for both of us.

: Any info on this would be extremely helpful.

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Comments:
: You do not have the right to compel the hotel to renovate your room, but you do have a right to continuation of all essential services (i.e. the services which you were receiving when the room became rent stabilized). Of course, they have to repaint your room every three years. Obviously, they have to continue making routine repairs and to fix anything that is broken.

: If you want to negotiate a buy-out, you should think very hard. In effect you are selling your home and you have to be sure that you will be able to replace it with the proceeds of your buy-out. Do not forget the taxes you may have to pay on the buy-out proceeds. If you are negotiating for a substantial sum, you should probably retain a lawyer with lots of experience doing buyouts. Be careful not to overpay the lawyer. Many charge a percentage of the buy-out, but often you'll be better off paying a flat rate, anywhere from $2,000 -$5,000.

: : I have lived in a hotel in Manhatten for about 18 years.  It was once a grand hotel.  It currently has permanent tenants who are rent stabilized such as myself.  For many years it has not operated as a full service hotel. I would say that approximately 90% of its occupancies were permanent tenants.

: : Since the tourist explosion in NY, the owners of this hotel have spent millions of dollars to renovate and bring back its hotel stature.  Many tenants have moved out but a large portion are still living here. The owners have done a fantastic job and are now running a full service hotel and profiting quite well.

: : They have not touched mine or any of the other tenants apartments.

: : My question is, what rights, if any, do I have to ask them to renovate my apartment? 

: : Also, can I get them to buy me out?  They haven't asked me to move and I don't think they will but it may be advantageous for both of us.

: : Any info on this would be extremely helpful. 


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