Fernando Branco, Real Estate Broker
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Fernando Branco Realty - 162 Huntington St, Brooklyn NY 11231
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REBNY Legal Line Question of the Week: Rent Stabilized Leases
Legal Line Question of the Week
Rent Stabilized Leases
When can a Landlord (hereinafter the “Landlord or “Owner”) refuse to renew the lease of a rent stabilized tenant (the “Tenant”) who lives in a rent stabilized apartment (the “Apartment”)? Furthermore, under what circumstances can an Apartment be “deregulated”?
Generally, an Owner may refuse to renew a rent stabilized Tenant’s l ease in the following circumstances, and only upon providing the Tenant with the required prior written notice: (i) where the Owner wants to take over the Apartment for his/her (or a member of the Owner’s “immediate family”) personal use and occupancy as a primary residence; (ii) where the Apartment is not occupied by the Tenant as their primary residence; or (iii) where the Owner takes the Apartment off the rental market or demolishes the building. Notwithstanding the foregoing, an Owner cannot evict a Tenant from an Apartment if the Tenant, or the Tenant’s spouse, is 62 years or older (or if the Tenant is disabled). An Apartment may be deregulated, and removed from the benefits of the rent stabilization laws, when the legally regulated rent is $2,500.00 (or more) per month & the Apartment is occupied by Tenants whose total annual household income exceeds $200,000 (or $175,000 or $250,000 based upon the applicable circumstances) in each of the two preceding years. An Apartment may also be deregulated if the Apartment is vacated and could be offered at a legal rent of $2,500.00 or more. Furthermore, after a rent stabilized building is converted to a co-op or condominium, rent stabilized Tenants residing in the building at the time of the conversion are generally allowed to remain in possession of the Apartment pursuant to a non-eviction conversion plan. However, once the rent stabilized Tenant vacates the Apartment, then the Apartment will be removed from the protection of the rent stabilization laws. Sometimes, albeit rarely, an apartment building is converted to a co-op or condominium pursuant to an eviction plan. Under an eviction plan, the Owner may evict (in accordance with applicable rules and procedures) the Tenant and/or refuse to renew a lease if the Attorney General has accepted the plan as an eviction plan and three years have elapsed from the date on which the Attorney General accepted the eviction plan. If a building is newly constructed or substantially rehabilitated and takes advantage of a 421-a or J-51 Tax abatement/program, then the building may only be regulated for the period of the tax abatement. Important Tip: Issues concerning the Rent Stabilization Laws are very complicated. Therefore, when faced with a question from a Landlord and/or Tenant, you should advise the Tenant and/or Landlord to consult with their respective attorney. Neil B. Garfinkel, REBNY Broker Counsel Partner-in-charge of real estate and banking practices at
Abrams Garfinkel Margolis Bergson, LLP
April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the StreetEasy April 2019 Market Reports, the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context: The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway: M
Manhattan’s 2016 Narrative – 5 Main Themes to Know 2016, the year of normalization… After five straight years of progressive reflation in Manhattan residential real estate (2010-2015), buyers finally saw the leverage pendulum swing their way. Of course, just how much leverage a buyer gained still heavily depends on the price point. What’s happening at the high end is drastically different than what’s happening at the lower end. Lets discuss before the firms Q4 market reports are released. Here are the 5 themes you need to know about Manhattan’s 2016: Read more...
February 18, 2016 Q: I am a licensed real estate salesperson and I am representing a purchaser who is considering a co-op apartment in a building that has a Ground Lease. Can you please clarify exactly what a Ground Lease is? Also, are there any particular considerations that should be made before purchasing a co-op apartment in a building that has a Ground Lease? A: If a co-op building has a Ground Lease (also known as a Land Lease) it means that the co-op corporation does not own the land under the building. Rather, the co-op corporation leases the land from the owner of the land. About 100 buildings in Manhattan have Ground Leases, many of which are co-ops. Generally the terms of Ground Leases are quite long, varying from terms of 50 to 99 years. Several important considerations should be made before purchasing a co-op apartment in a building with a Ground Lease: Can the rent payable by the co-op corporation increase during the term of the Ground Lease? If the re