Just received notice that building is now rent stabilized

A friend lives in a small 8 unit rental building that was build within the past 10 years. Last year they received a notice from the landlord that he was converting the building to condos and awaiting final approval for the conversion plan. They have not had a lease since then. Yesterday they received a notice that their apartment is now rent stabilized and they will be receiving a rent stabilized lease from the landlord. Anyone know how this might have happened and/or where they can find information?

menierchoc

in Dept. of Buildings (DOB) 9 years and 7 months ago

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no-permits | 9 years and 7 months ago

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@greenthinker, as fas as i know that is incorrect. unless like resident2 said, they had a tax abatement that is expiring or something along those same lines.

GreenThinker | 9 years and 7 months ago

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A owner can decide to make a building rent stablized, in return the property taxes are lowered. In some neighborhoods where the rent stabilized price is close or the same as market value, it makes sense.

resident2 | 9 years and 7 months ago

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The building was probably built with a 421A tax abatement. All buildings that were built with a tax abatement, if they become rental buildings (instead of selling to owner occupants or investors) are supposed to be rent stabilized. All buildings with tax abatement’s including J51 rehab buildings etc. that are still run by the original landlord (sponsor) are supposed to be under rent stabilization. But for many years the City has just “lost” these apartments. They did not even have the paperwork to register the units even if the owner tried too register them! They are finally catching up. Co-Ops that were previously rent stabilized, the sponsor (landlord) cannot rent them out without still being under the rent stabilization rate of the prior tenant, which is why you often see many sponsor owned units for sale, and this is where many of the rent stabilized units are going, they are being sold to owner occupants. But a statistic that many politicians skew.