Landlord wanting to buy out rent stabilized tenant
Started by MandyJ
over 7 years ago
Posts: 0
Member since: Mar 2018
Discussion about
Hi I am rent stabilized in the West Village. The new owner is buying out other tenants. There are about 6 of us left in a 40 unit building. The building is being turned into luxury and not sure if condos or will stay rental. I live in a 1 bedroom and pay $1400. What do you think is an appropriate buy out offer to accept?
What have other tenants been paid? Buyout offers often get higher the closer the developer gets to clearing out the last few tenants. I would try to find out more about what is being developed. Also, figure out the market rental value of your apt. and then assume you will live there the rest of your life. How much money have you saved? That should be your worst case buyout offer but it could be much higher depending on how badly the developer needs for you to leave.
It will be much less than the life time rent savings as there is no guarantee that your apartment will not get destabilized and you will always stay put in the same place.