Greetings TenantNet Community,
My wife and I moved into a new apartment on April 1, 2015. The building has 11 units, 4 of which are free market (mine included) and the rest are rent stabilized. It has been family owned (LLC) for 100+ years.
The unit we're in was owner-occupied the entire time - we are the first ever renters. We received a bunch of paperwork after moving in from the landlord's law firm stating that the apartment was legitimately deregulated. I trusted that to be true, but did wonder if there are any potential loopholes there.
Anyway, on to the bigger issue! A random web search led me to upsetting news this weekend: it appears the building is for sale. I'm trying to understand what this means for us. We love this apartment and would be heartbroken to leave after just a year.
-What is the worst case scenario?
-Is there anything we can do to protect ourselves?
-Would it be worth approaching the owners preemptively to try and secure an extended lease before a sale is completed?
I've re-read our lease and see very little information regarding sale to a new owner. There is a clause regarding demolition of the building under new ownership (we'd be given 6 months notice), but otherwise I can't find anything.
I'd really appreciate any thoughts or opinions. Thanks very much for reading!