Major renovation of former rent stabilized apartment.

Just renovated vacant apartment that was formerly rent stabilized.  How do I go about taking the apartment off rent stabilization when I offer the next Lease?

atriuum

in Landlord 13 years ago

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Bklnite | 13 years ago

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http://www.housingnyc.com/html/resources/faq/decontrol.html **How does an apartment undergo high-rent or high-income deregulation? …** if an apartment becomes vacant and the owner can (and does) raise the legal rent to $2,500 or more, the apartment is deregulated. Figure the 20% vacancy increase, check Fact sheet # 12 Rent increases for Individual Apartment impovements linked by k2d2 above, and check vacancy calculation here to see if you get > $2500 http://www.housingnyc.com/html/guidelines/vacancy.html

zampano | 13 years ago

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Think $2500 destabilzation! Calculate your new rent and see where you are

kxz196 | 13 years ago

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your apartment is still likely regulated under rent stablization.  You may qualify for an Indivual Apartment Improvement under DHCR rules.  This permits you to increase the monthly rent by 1/40th of the renovation cost.  Also you get a 20% vacancy increase.  Be sure to file this correctly with DHCR or your next tenant could get their rent significantly rolled back.  Go to this link for more information; http://www.nyshcr.org/Rent/FactSheets/orafac12.htm