Removal of five unit building from rent-stabilization

My wife and I recently bought an eight unit building with all rent-stabilized units. We plan on combining four of the units for our personal, primary residence thus leaving the building with five total units.

Given there will be less than six units, would the remaining units still be subject to rent-stabilization? If so, is there a legal way to remove them given the building no longer falls under the 1974 regulations? Can anyone recommend an attorney who has managed this process?

Guest User | 6 years ago

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Guest User | 5 years and 7 months ago

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did he sell it yet

yudashasom | 5 years and 7 months ago

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Bump

Guest User | 6 years ago

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how much you think this guy makes @ridgewoodsy

Guest User | 6 years ago

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how much you think this guy makes @ridgewoodsy

slopefarm | 6 years ago

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What lurker said. Not to mention, having belatedly realized the predicament, OP seeks free legal advice from strangers on a Brooklyn RE blog. Go hire the lawyer you should have hired before buying the building.

Guest User | 6 years ago

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$110,000 in gross income are not bad considering you paid cash..

Guest User | 6 years ago

string(1) "3"
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$110,000 in gross income are not bad considering you paid cash..

Guest User | 6 years ago

string(1) "3"
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How you have 2 million dollar cash to buy this building and not know how difficult it is to take the tenants out?

Guest User | 6 years ago

string(1) "3"
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How you have 2 million dollar cash to buy this building and not know how difficult it is to take the tenants out?

yudashasom | 6 years ago

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Blame him for not responding? I guess.. but I can blame him for getting himself in this mess. These changes have been in the news for a long time and with the political environment, it wasn’t hard to guess how it would all play out.

Guest User | 6 years ago

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You can’t really blame him, can you? It’s been a bit of a pile on, but that’s the internet for you.

yudashasom | 6 years ago

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What jhcovert said.

You will be limited to one owner use case when the new laws go into effect Saturday

These changes will alter the market for all multi-family buildings. There will be more eyes on the smaller or previously deregulated buildings, and less eyes on the regulated buildings. Regulated buildings will fall significantly in value with no upside angle.

It’s funny how this guy hasn’t responded.

Guest User | 6 years ago

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Timely article in the Grey Lady this morning… looks like it’s going to get much more difficult to pull this kind of thing off moving forward.

https://www.nytimes.com/2019/06/11/nyregion/rent-protection-regulation.html

yudashasom | 6 years ago

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Don’t forget to register with HPD.

Once you mess with these tenants, all hell is going to break loose. Stabilized buildings can be easy to manage only if you don’t cause problems.

Lurker | 6 years ago

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Real question: Who has enough money to buy an 8-unit building in NY city, and yet lacks even the scarcest knowledge of what a ridiculous endeavor this would be. You would spend years and hundreds of thousands just in buyouts and court fees before even lifting a hammer, and just as much fighting the city and HPD. If you have that sort of cash just go buy a townhouse. Sheesh.

resident2 | 6 years ago

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No the remaining 4 apartments will not be de-stabilized & it is highly unlikely that any Judge will evict 3 tenants so that you can make a ” home” (investment)!
Stick to your day job & buy a lottery ticket you will have better odds.

Guest User | 6 years ago

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Hang on everyone, just grabbing my popcorn…

kenzdesigns | 6 years ago

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Jeez it sure would be a shame if someone contacted the tenants at 542 West 142nd Street to let them know that their new landlord plans to evict them via the owner use case loophole. They might organize and get their local elected officials involved. Could theoretically cause a lot of trouble for a lead developer / managing partner at an IT consulting firm

yudashasom | 6 years ago

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Owner use cases are based almost entirely on “good faith intent.” Your primary motive, with the way you worded it, is to displace lower paying tenants with higher paying ones. This post will hurt you during the court case. I’d ask Cate to remove the post, or see if you can change your handle on here.

Honestly, your best bet is to use this as a investment property and buy another 1-3 family to live in.