Hi, first post here on streeteasy, but a long time follower, hoping the community could lend a hand and/or some brain cells I am about to sign a lease on a garden apartment rental in a brownstone with the garden access being private to the tenant. I just found out that the whole brownstone is for sale with a "private garden" as a selling feature. Landlord lives in building on 4th floor (top... [more]
Hi, first post here on streeteasy, but a long time follower, hoping the community could lend a hand and/or some brain cells
I am about to sign a lease on a garden apartment rental in a brownstone with the garden access being private to the tenant. I just found out that the whole brownstone is for sale with a "private garden" as a selling feature. Landlord lives in building on 4th floor (top floor). Says building will be delivered with top floor vacant (obviously).
What do I have to be concerned with here? That he might be facing financial difficulties or foreclosure or something similar and we may be kicked out if building goes back to the bank? I'm sure everyone is already familiar with the stories across the country of renters being evicted when the property owner fails to pay, etc...
Could the garden be commandeered by a new owner for use by him alone? Or not, if its clearly stated in lease that tenant in garden apartment has exclusive use?
Lastly, when I sign a lease it's with the current landlord/owner. If the property sells, does the new owner automatcially have to adhere to current lease contracts in place? Anything else I should be worried about?
Thanks for your help. It's much appreciated!
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Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008
Nobody who owns a brownstone is facing financial trouble. You have to have solid finances to buy one. Relax. Your over-complicating the situation.
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Response by Brokerage101
almost 17 years ago
Posts: 55
Member since: Mar 2009
I am about to sign a lease on a garden apartment rental in a brownstone with the garden access being private to the tenant. I just found out that the whole brownstone is for sale with a "private garden" as a selling feature. Landlord lives in building on 4th floor (top floor). Says building will be delivered with top floor vacant (obviously).
What do I have to be concerned with here?
1) If the lease is not a rent stabilized lease, unless specifically stated in the lease, you have no automatic right to renew, under any circumstances.
That he might be facing financial difficulties or foreclosure or something similar and we may be kicked out if building goes back to the bank?
2) The building comes with all of it's liens. Your lease would be looked upon in a similar way to a lien. You have a contractual right to live out your lease term, with all of it's renewal clauses, if any.
3) I assume it is a 4 unit Brownstone? Or is it more?
Most of what you hear regarding foreclosures and tenants is in a situation where a tenant has been living in a house for a long period of time and maybe doesn't even have a lease.
4) If you plan on staying a year or two you should be safe.
5) A new owner could not evict you but they could simply not renew your lease.
Could the garden be commandeered by a new owner for use by him alone? Or not, if its clearly stated in lease that tenant in garden apartment has exclusive use?
6) NO
Lastly, when I sign a lease it's with the current landlord/owner. If the property sells, does the new owner automatcially have to adhere to current lease contracts in place?
7) YES
Enjoy your new home...
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Response by tina24hour
almost 17 years ago
Posts: 720
Member since: Jun 2008
Make sure the exclusive use of the garden is included in your lease agreement. If it's a "private garden" - make sure it's YOUR private garden.
Your lease should carry over to the new ownership. In this market, they're lucky to have you. Many banks allow buyers to claim up to 75% of the current rent on a property as income - as long as there are leases in place. If the buyer intends to renovate and take over your space, chances are that won't happen till after your lease is up. Still, it's worth reviewing the lease to be certain the new landlord kick you out on 60 days notice just because they feel like it. But if you're in possession of the property, nyc tenant law generally favors you.
Do check with a lawyer if anything in the lease agreement looks fishy.
Tina (Brooklyn broker)
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Response by Squid
almost 17 years ago
Posts: 1399
Member since: Sep 2008
Do NOT sign any lease without having a lawyer look it over.
Personally, I wouldn't want to rent in a building that is up for sale. Too many potential headaches. For example, the new owner could decide to begin major renovation work on the building. Do you really want to deal with that? Also, do you want potential buyers traipsing through your apartment to look at the garden? That'll happen unless your lease specifically prohibits it. And, as other posters have mentioned, if the new owner decides he wants to convert the space, he won't renew your lease even if you want to stay.
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Response by drdrd
almost 17 years ago
Posts: 1905
Member since: Apr 2007
I would suggest that you contact an attorney & bring your concerns AND the lease to them for guidance; this will buy you peace of mind. Hooray for you that you are pro-active & not just hoping that everything works out. Good luck!
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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009
"Nobody who owns a brownstone is facing financial trouble."
Another classic Alpine moronic statement! ANY PERSON owning ANY property can be having financial troubles, especially in this economy. I suppose we shouldnt expect anything intelligent from our resident "PRICES ARE GOING UP" broker however.
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Response by jason10006
almost 17 years ago
Posts: 5257
Member since: Jan 2009
Yeah, all the fire sales by flippers owning fixed-up brownstones in Harlem are my imagination.
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Response by alpine292
almost 17 years ago
Posts: 2771
Member since: Jun 2008
All right then smart butt. Please tell me how many brownstones below 86th St. are in foreclosure as of right now.
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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009
"All right then smart butt. Please tell me how many brownstones below 86th St. are in foreclosure as of right now."
You do realize that a persons financial status can be something other than "facing foreclosure" and "not facing foreclosure" right??? Typical.......
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Response by UESBandit
almost 17 years ago
Posts: 328
Member since: Jan 2009
We might as well add "nobody can be facing foreclosure since prices are all going UP" right Alpine (aka broker 'extraordinaire')?
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Response by Squid
almost 17 years ago
Posts: 1399
Member since: Sep 2008
>>All right then smart butt. Please tell me how many brownstones below 86th St. are in foreclosure as of right now.<<
Property owners 'facing financial trouble'(and there are MANY) are trying to sell BEFORE they wind up in foreclosure. Just because you don't know of any foreclosures in a particular area does not mean owners aren't facing that possibility and trying to get out before the ax falls.
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Response by beseder
almost 17 years ago
Posts: 38
Member since: Mar 2009
Thanks for all your replies. This site is really by and for the people. A great asset.
To answer some questions, it is a 4 unit brownstone. And the building was bought by current owners less than 24 months ago, so I think its completely reasonable to posture they might have financial trouble. Not only because of sinking real estate value, but also general economic enviornment (job situation, stocks). Nowadays people can go under in a variety of ways!
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Response by uwsmom
almost 17 years ago
Posts: 1945
Member since: Dec 2008
beseder - I agree with Squid and, personally, would look for another apartment. I have no idea what an attorney would cost but seems like a headache for a rental. You can use ACRIS to gather financial info on the owner if interested... just search by address.
http://a836-acris.nyc.gov/Scripts/Coverpage.dll/index
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Response by MAV
almost 17 years ago
Posts: 502
Member since: Sep 2007
They are just advertising that one of units (the one you are renting) has a private garden. Relax...
Is the use of the garden in your lease? That might be your only problem b/c often times things like that are not written into the standard lease many LL's use...
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Response by uwsmom
almost 17 years ago
Posts: 1945
Member since: Dec 2008
Also a 4 unit brownstone might be of interest to someone who wants to convert it to a single family home, in which case they get the garden and you get ousted.
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Response by romary
almost 17 years ago
Posts: 443
Member since: Aug 2008
besides all the other valid comments here about a bldg being sold and what can happen apres sale, on just a basic level pasadena on garden units - ripest enviro for rats.
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Response by waverly
almost 17 years ago
Posts: 1638
Member since: Jul 2008
romary - do garden units in NYC have big rat problems? Seriously?
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Response by romary
almost 17 years ago
Posts: 443
Member since: Aug 2008
yep
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Response by Squid
almost 17 years ago
Posts: 1399
Member since: Sep 2008
I remember a friend had a garden unit in the Village. One night the wall outside appeared to be moving. She turned on the lights and to her horror the wall was crawling with rats. Apparently construction in the neighboring lot was to blame...
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Response by beseder
almost 17 years ago
Posts: 38
Member since: Mar 2009
It's in Brooklyn. I live in Manhattan now and agree a garden apartment in the EV would be pretty inviting to all kinds of crawling things - especially those larger than a matchbook. I'm a believer that a very well kept and clean brownstone in BK would be safer from vermin. And I'm not a newbie to NYC - I was born and raised in NYC and we had intermittent mice issues growing up (in a 5th floor apartment!).
To have a dog door for our dog (and not have to move out of NYC) is going to be heaven.
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Nobody who owns a brownstone is facing financial trouble. You have to have solid finances to buy one. Relax. Your over-complicating the situation.
I am about to sign a lease on a garden apartment rental in a brownstone with the garden access being private to the tenant. I just found out that the whole brownstone is for sale with a "private garden" as a selling feature. Landlord lives in building on 4th floor (top floor). Says building will be delivered with top floor vacant (obviously).
What do I have to be concerned with here?
1) If the lease is not a rent stabilized lease, unless specifically stated in the lease, you have no automatic right to renew, under any circumstances.
That he might be facing financial difficulties or foreclosure or something similar and we may be kicked out if building goes back to the bank?
2) The building comes with all of it's liens. Your lease would be looked upon in a similar way to a lien. You have a contractual right to live out your lease term, with all of it's renewal clauses, if any.
3) I assume it is a 4 unit Brownstone? Or is it more?
Most of what you hear regarding foreclosures and tenants is in a situation where a tenant has been living in a house for a long period of time and maybe doesn't even have a lease.
4) If you plan on staying a year or two you should be safe.
5) A new owner could not evict you but they could simply not renew your lease.
Could the garden be commandeered by a new owner for use by him alone? Or not, if its clearly stated in lease that tenant in garden apartment has exclusive use?
6) NO
Lastly, when I sign a lease it's with the current landlord/owner. If the property sells, does the new owner automatcially have to adhere to current lease contracts in place?
7) YES
Enjoy your new home...
Make sure the exclusive use of the garden is included in your lease agreement. If it's a "private garden" - make sure it's YOUR private garden.
Your lease should carry over to the new ownership. In this market, they're lucky to have you. Many banks allow buyers to claim up to 75% of the current rent on a property as income - as long as there are leases in place. If the buyer intends to renovate and take over your space, chances are that won't happen till after your lease is up. Still, it's worth reviewing the lease to be certain the new landlord kick you out on 60 days notice just because they feel like it. But if you're in possession of the property, nyc tenant law generally favors you.
Do check with a lawyer if anything in the lease agreement looks fishy.
Tina (Brooklyn broker)
Do NOT sign any lease without having a lawyer look it over.
Personally, I wouldn't want to rent in a building that is up for sale. Too many potential headaches. For example, the new owner could decide to begin major renovation work on the building. Do you really want to deal with that? Also, do you want potential buyers traipsing through your apartment to look at the garden? That'll happen unless your lease specifically prohibits it. And, as other posters have mentioned, if the new owner decides he wants to convert the space, he won't renew your lease even if you want to stay.
I would suggest that you contact an attorney & bring your concerns AND the lease to them for guidance; this will buy you peace of mind. Hooray for you that you are pro-active & not just hoping that everything works out. Good luck!
"Nobody who owns a brownstone is facing financial trouble."
Another classic Alpine moronic statement! ANY PERSON owning ANY property can be having financial troubles, especially in this economy. I suppose we shouldnt expect anything intelligent from our resident "PRICES ARE GOING UP" broker however.
Yeah, all the fire sales by flippers owning fixed-up brownstones in Harlem are my imagination.
All right then smart butt. Please tell me how many brownstones below 86th St. are in foreclosure as of right now.
"All right then smart butt. Please tell me how many brownstones below 86th St. are in foreclosure as of right now."
You do realize that a persons financial status can be something other than "facing foreclosure" and "not facing foreclosure" right??? Typical.......
We might as well add "nobody can be facing foreclosure since prices are all going UP" right Alpine (aka broker 'extraordinaire')?
>>All right then smart butt. Please tell me how many brownstones below 86th St. are in foreclosure as of right now.<<
Property owners 'facing financial trouble'(and there are MANY) are trying to sell BEFORE they wind up in foreclosure. Just because you don't know of any foreclosures in a particular area does not mean owners aren't facing that possibility and trying to get out before the ax falls.
Thanks for all your replies. This site is really by and for the people. A great asset.
To answer some questions, it is a 4 unit brownstone. And the building was bought by current owners less than 24 months ago, so I think its completely reasonable to posture they might have financial trouble. Not only because of sinking real estate value, but also general economic enviornment (job situation, stocks). Nowadays people can go under in a variety of ways!
beseder - I agree with Squid and, personally, would look for another apartment. I have no idea what an attorney would cost but seems like a headache for a rental. You can use ACRIS to gather financial info on the owner if interested... just search by address.
http://a836-acris.nyc.gov/Scripts/Coverpage.dll/index
They are just advertising that one of units (the one you are renting) has a private garden. Relax...
Is the use of the garden in your lease? That might be your only problem b/c often times things like that are not written into the standard lease many LL's use...
Also a 4 unit brownstone might be of interest to someone who wants to convert it to a single family home, in which case they get the garden and you get ousted.
besides all the other valid comments here about a bldg being sold and what can happen apres sale, on just a basic level pasadena on garden units - ripest enviro for rats.
romary - do garden units in NYC have big rat problems? Seriously?
yep
I remember a friend had a garden unit in the Village. One night the wall outside appeared to be moving. She turned on the lights and to her horror the wall was crawling with rats. Apparently construction in the neighboring lot was to blame...
It's in Brooklyn. I live in Manhattan now and agree a garden apartment in the EV would be pretty inviting to all kinds of crawling things - especially those larger than a matchbook. I'm a believer that a very well kept and clean brownstone in BK would be safer from vermin. And I'm not a newbie to NYC - I was born and raised in NYC and we had intermittent mice issues growing up (in a 5th floor apartment!).
To have a dog door for our dog (and not have to move out of NYC) is going to be heaven.