I've lived in my rent stabilized apartment for over 20 years. I love my neighborhood, not so much the building. I entered a housing lottery and my number should be called any day now. It would be a great apartment in a neighborhood I don't love as much as mine so I'm conflicted to start. But there's more...I found out my current building was sold last month (through the grapevine but not officially). I did a little googling and it appears to be in escrow. I know they can't kick me out and don't expect they'd do anything to renovate inside my apartment.
Does anyone know how long escrow typically takes and how long it should be before I hear from the new owners and what their plans for the building are? Any thoughts on what new owners of rent stabilized buildings generally do these days? They bought several buildings in the sale from my previous landlord (mostly old, walk up buildings). I wish the timing would work out that I would know what the new owner's plans are before my number comes up in the lottery but I don't think it will work out that way. If I knew they were going to make the building nicer, I may want to stay. And if they would offer me a buyout, could that happen before my decision has to made for the new apartment (probably in a month or two)?