SRO Litigation Attorney

I am purchasing a property with SRO tenants that pay little or no rent. I need an attorney that is very familiar with SROs i.e. buyouts, evictions, etc. Can anyone recommend one that is familiar with Harlem SRO brownstones?   Thanks.

arad

in Lawyers and legal service 13 years and 1 month ago

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pawnharvester | 13 years and 1 month ago

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Here is the best advice you will get:  don’t buy an SRO with non-paying tenants, especially if you need to ask a public forum about where to find a good SRO lawyer.  SROs are for professional RE investors.  I recently looked at an SRO with non-paying tenants on manhattan avenue.  The owner / broker were confident the tenants would start paying after the sale (though they were not able to say why…).  They were also confident I could convert the house into Class A units or a single family house (though they had no idea what the process is, as the owner himself wanted to do this when he bought the property, but failed).  The more I diligenced the property, the more clear it became the house was a money pit.  The tenants were being harrassed, which meant you could not get a CNH, even if you somehow got them out of there.  Also, the tenants were being charged illegal rents, which created a huge liability for the owner, since they could be forced to repay back rent.  You should know, that it is a multi-year process to evict someone from an SRO, add to this multi-year process a 3 year waiting period to get the CNH, then you can apply for permts.  So, unless you are pricing in a 5-7 year process to convert this property, you should reexamine the proposition.