Sale at 37 West 93rd Street #16

What do you think? A 3BR for 500k and only a six month wait as a catch?

There are only limited situations where an owner can evict under RS and a coop apt isnt any of them
http://streeteasy.com/nyc/talk/discussion/6030-buying-an-apartment-with-a-rent-stabilized-tenant

There is no end to a lease for a rent controlled tenant. You can't evict them.

I had a relative with a rent controlled apartment (plus backyard) in a brownstone. The owner bought out all the other tenants for around 20K, but she hung in there for 3 years. She only moved when he found her a comparable apartment with outdoor space IN THE SAME NEIGHBORHOOD, rent the same, a guarantee that her rent would not rise beyond rent control guidelines, and a $200,000 cash settlement paid in installments for the rest of her life. He had to buy a condo to find the appropriate space. She was a very sharp lady with a very good lawyer.

Another thing to keep in mind is that the tenant can pass the right to renew the lease indefinitely on to a relative. So if the tenant has a son or daughter living in the apartment, it could be controlled/stabilized for another 50 years.

Astounding that the law gives someone the right to rent a 3-bedroom apartment on the UWS right near Central Park for only $576 per month, while other people in the same neighborhood are paying $2500 for studios. The rent-stabilization madness in this city really needs to be reformed or preferably ended.

Why is it astounding? People who purchased when these tenants moved in paid almost nothing and have the right to live there for almost nothing even while others are forced to pay astronomical prices. The law gives incumbents rights that it denies newcomers. Rent stabilization merely ensures that landlords are not allowed to profit at the expense of tenants from changed market conditions that the landlord did nothing to create.

What is astounding is the injustice of someone paying $576 for a UWS 3-bedroom while others are busting a$$ to pay their studio rent right near by. It's absurd.

$576 doesn't even cover the $1176 maintenance on the co-op you idiot. What kind of finance guy argues for that?

mender,
Also take a look at the price history. It apparently changed owners not even a year ago, and if you think 495K is a steal, the last closing price (according to SE) was 150K!! Since then, the apartment has been put up and taken off the market several times, by Corcoran, DE, and now Stribling. This may very well tell you that not only is the apartment a difficult sell, but also that the current owner (who paid 150K) had possibly no intention of living there, but just wanted to turn around and quickly sell it, hopefully (as it seems now) for more than twice what they paid. This kind of timeline can sometimes be helpful in ascertaining what kind of headache certain places can be.

This apt. is subject to a right of succession (they have kids). I believe one tenant is an attorney (take that for whatever its worth). The rent is frozen (not SCRIE). Previous owner (2011ish) did attempt to buy them out. The board also serves as a line of defense for them.