North Slope 4-Family Brownstone
I found that ad on the Craigslist: http://newyork.craigslist.org/brk/reb/1347296220.html Did anyone go to the open house? How come are the 2nd and 3rd FL apartments rent controlled? Any opinions? Thanks!
I found that ad on the Craigslist:
http://newyork.craigslist.org/brk/reb/1347296220.html
Did anyone go to the open house? How come are the 2nd and 3rd FL apartments rent controlled? Any opinions?
Thanks!
Thanks for all your input.
I guess that’s the main reason why this property is still on the market in spite of a not-so-bad price.
You’d want to do some pretty thorough due diligence on the rent controlled tenants before offering a million for this place though. You’d have to assume that the tenants are going to be there indefinitely. Non-traditional family members can inherit a rent-controlled apartment, and the law will likely side with the apartment occupants as long as they pay their rent and are not otherwise breaking the lease or tenant laws. If contemplating purchasing this place you’d want to learn as much about the rights and responsibilities of rent-controlled tenants and their landlords before making a commitment. Personally, I wouldn’t touch a property with rent controlled tenants.
If the tenants are elderly then eviction via owner-occupancy is not an option.
they are rentcontrolled because current tenants have live there since year of the flood. Somewhere around 1969. Which mean probably pretty old. Unless they had kids then and kids never left the nest. Then that kid is somewhat older but not on death’s door. You gotta be kinda nosey and find details of who lives in apt. /age/family etc.