Fernando Branco, Principal 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
A design revolution in New York City is taking place, as the Chelsea neighborhood transforms from a derelict wasteland to a thriving nexus of art and architecture. The Hotel Americano, the first U.S. outpost of the splashy Mexican hotel chain Grupo Habita, recently materialized on Manhattan’s West 27th Street. It’s situated between 10th and 11th Avenues, at the northern frontier of the Chelsea art district, in the middle of a block best known for its cacophonous, warehouse-scale nightclubs. Why, you might wonder, would anyone want to build a hotel here? But the unpromising appearance of the location is part of the allure. “It’s gritty,” says owner Carlos Couturier, “and I like that grittiness. It feels like what the Meatpacking District was ten years ago. Very authentic.” Yes, Way-West-27th is authentic—some of the nearest residents are in a cluster of city-owned housing projects—but here, as elsewhere in Manhattan, grit is an endangered species. Just down the block from the
Legal Line Question of the Week - REBNY Transfer Taxes and Grossed up Consideration I represent the prospective purchaser of a new construction condominium unit. In speaking with the sales office for the sponsor, I was informed that my purchaser is responsible for paying both the New York City and New York State transfer taxes. I thought that the obligation to pay transfer taxes was the r esponsibility of the seller. Can you please explain? Generally, when real property (or a co-op apartment) is sold in New York City, the seller is responsible for paying both the New York State and New York City transfer taxes. In residential real estate transactions where the purchase price is greater than $500,000, the New York City transfer tax equals 1.425% of the purchase price (and where the purchase price is $500,000 or below, the New York City transfer tax is 1% of the purchase price). The New York State transfer tax is .4% of the purchase price. New Yo