Removal of five unit building from rent-stabilization

did he sell it yet

Guest User | 5 years and 7 months ago

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Guest User | 6 years ago

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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?

stickerhappy | 6 years ago

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It doesn’t matter if you combine and thus bring the building under 6 units, the non-combined apartments all remain stabilized.
Those other apartments remain under all the original rent stabilization rules and regulations.
This approach will not work.
However if you combine some of your other RS apartments, you get to set a “first rent” which can help you deregulate them.
But all this could change June 15 when the new laws are adopted which aim to make deregulation tougher.

yudashasom | 6 years ago

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I think you are underestimating this.

These days it’s tough to be successful with owner use case, especially on the scale you are seeking. 1 or 2 units, you can probably pull it off, but displacing 3 or 4 tenants you will have a tough time. It’s going to be very, very costly, lengthy, and stressful and involved.

Are there any senior citizens or disabled tenants?

You can’t deregulate the occupied units unless these tenants have high income, don’t pay rent, or are a nuisance and it will be nearly impossible to do that.

You shouldn’t be posting this under your real name because it can come back to hurt you later on.

eman134 | 6 years ago

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remember that if any of the stabilized tenants are over 62 you will have to relocate them to equivalent housing at the same price in the proximate neighborhood

GreenThinker | 6 years ago

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Multi-million dollar companies have a hard enough time with rent stabilized tenants. They usually try to buy them out. Once you start work, expect inspectors and city officials coming over every month. Also, you’re better off having a lawyer write any notices and info you might want to give to the rent stabilized individuals, anti harassment cases are pretty common these days.

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.

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

Guest User | 6 years ago

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Hang on everyone, just grabbing my popcorn…

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.

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.

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.

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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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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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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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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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?

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

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