How do you terminate a lease?

Disagree. How about if they wanted to break the lease five months early because they'd dug up someone who'd pay more? What's in it for them to let you walk ahead of time?

Check your lease. There might be some language about termination in there. Many landlords charge 2 months of rent, so 7 days doesn't sound so bad to me. Is subletting a possibility?

What do they say if a new tenant ISN'T found?

When are you trying to terminate "as of"? (i.e. what date are you planning on vacating the unit and want to stop paying).

http://www.studentlegal.ucla.edu/Articles/TERMINATING%20A%20TENANCY%20ARTICLE%2010-06.pdf

My understanding is that breaking a lease in NYC is not very favorable to the tenant, especially in this market where the landlord is unlikely to agree to a mutual termination.

NWT
"What's in it for them to let you walk ahead of time?"

How about trying to lease the apt on 11/30 during the slow season for dramatically less than they could today? I have no problem paying the 7 days (more than fair), its the incoming tenants broker commission that I'm being asked to pay for.

I'd like to be out as soon as possible. If I walk, think they'll sue?

Depends whether the $24K is worth the trouble of chasing you. I don't see the point of having a lease if either party can just break it scot-free, but may be missing something here.

"...they'll sue?"
Most likely.
And they will put it on your credit history.
As NWT said, would you sue if they kicked you out just like that?

"think they'll sue?"

Depends on who it is. Some always will, some never will, some "it depends".

"How about trying to lease the apt on 11/30 during the slow season for dramatically less than they could today?"

Depends a lot on what other inventory they know they will have at that time, doesn't it? Also depends on whether they think you will walk anyway, even if they don't agree.

I'd personally spend more time challenging the reasonableness of paying for the paint job than the rent, because the rent you'd have to pay anyway, while the paint job THEY will have to do when you vacate: unless you did something abnormal, repainting isn't cause for keeping any of your security deposit, it's "normal wear and tear".

wow two bedroom 4800! what a rub! i think more and more people are planing to renegotiate the lease, knowing that they are overpaying...

It’s the broker commission that I'm not happy about (pr going to pay). No dispute with the painting, or $1200 they want to charge to let me out of a 24 month lease 5 mos early. I think its egregious and typical NYC arrogance....

Yeah, talk about arrogance.

If I was your landlord I wouldn't let you out as cheap as they are willing. They know you're out $24K if you walk so they've got some leverage. And why wouldn't they pay a collections attorney $500 plus half of the collected money to sue you. It's one phone call and 10 minutes to fax over your tenant file. The landlord's downside risk is 10 minutes an $500 and their upside is $12,000 and knowing that you didn't rip them off in the end. Seems like going after you is a good investment.

They will have to rent your apartment for $4,000 or less, pay a fee, pay to paint (even though they would have to pay for it eventually if everyone moved out earlier they would have to paint more apartments more frequently) plus the more frequently units turn over the more work their management office has (one of the main reasons landlords give the 2 year option is that it's less work for their management office each year). So I think their fees are reasonable.

The only leverage you've got here is that your lease is up in Nov and most likely when it's up the apartment will sit vacant for a while. This fact is the only reason they are willing to negotiate at all in this market.
Try to find a sublettor or someone to assign the lease to, this could solve your broker fee problem.
Good luck.

Thanks Jazzman - agreed.

just stop sending a check :)

>>No dispute with the painting, or $1200 they want to charge to let me out of a 24 month lease 5 mos early. I think its egregious and typical NYC arrogance....<<

Excuse me, but are you not aware that a lease is a legally binding document? Technically the landlord can demand (and is entitled to) the full amount remaining, whether you walk or not. This has nothing to do with "arrogance", it's the law.

>>just stop sending a check :)<<

Yeah, and forget being able to rent anywhere else anytime soon, and don't even THINK about trying to purchase in a co-op. Ever.