I live in a small loft building (eight floors) in an area that has become hot, hot, hot -- new stores, new restaurants, new theaters, etc., etc. My space is about 1,400 square feet with two bathroom in an elevator building. The new LL has converted three former commercial loft floors to single floor residential rentals. The rent for these floors is over ten times my rent (over 6K to my nearly... [more]
I live in a small loft building (eight floors) in an area that has become hot, hot, hot -- new stores, new restaurants, new theaters, etc., etc.
My space is about 1,400 square feet with two bathroom in an elevator building. The new LL has converted three former commercial loft floors to single floor residential rentals. The rent for these floors is over ten times my rent (over 6K to my nearly $600/mo).
I've lived here over 30 years. I expected to die in NYC but now I have family reasons for wanting to move out of state. I could remain, but I'm surprised to find myself wanting to leave to be with family.
My questions are the usual ones:
(A) How much can I reasonably expect as a buy-out for my loft space, mindful that renovations would be necessary for my landlord to obtain the 6 to 7K that he receives on the former commercial loft floors?
There are three other (total of four, mine included) residential tenants occupying whole floors for the same low rents. We're all older -- 60s to 70s -- so the new LL may just be figuring that we'll die off.
(B) How best to approach my LL to receive the maximum figure? (It would be soooo much better if he were approaching me!) Given my excellent health and the longevity of my parents, I could easily live 20 + more years. My presumptive longevity could "cost" my new LL over a million dollars over that time span. Possibly more: this area is now really hot.
Any wise words and useful suggestions would be appreciated.
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