Landlord Lease Buy-outs

Yes, landlords are permitted to buy out stabilized and controlled tenants.

Consider hiring an attorney to handle it for you to exert maximum leverage and pressure.

There is supposedly a formula somewhere on the DOB or HPD website. The legendary stories of huge buyouts have to do with buildings being coverted and units put up for sale. Since this is remaining a rental, the issue is the difference between what you pay and market rent, and you can commonly get x years of the difference as a buyout. For instance, if you pay $1500/mo and market rate is $2500, $48,000 would be a likely ballpark ($1k/mo x 4 yrs).

thanks for the feedback...it is appreciated....I will check out the websites....thought I might be in a better place to negotiate sincee they would not be able to decontrol unless I left...or died....with good family genes on my side could be hear for antoher 45+....thanks again

Note that such buyouts are taxable as income.

Technically, yes - buyouts are taxable.

In practice - let's just say it don't always work like that.

....ok...slipperyPete....can you qualify????....I am actually just looking to postion myself in the best place possible....I live in a rent stablized apartment.....next to a brand new luxury development on Park Ave in Murray Hill.....new land lord does not have the best reputation and if I can get a buy out......that works for me I am very open...

Would you always suggest a lawyer or can you sometimes negotiate with the land lord yourself