Adam Leitman Bailey's blog
One of the most fascinating parts of a real estate lawyer's career is negotiating the selling of rights to a rent-regulated tenancy to a landlord. These deals have made tenants into multimillionaires and given landlords the ability to build high-rise buildings. Now, this symbiosis of dreaming dreams and making them come true is under threat by existing case law (discussed in last month’s blog post) and new laws already enacted and politically promised.
Due to recent changes to the New York City Administrative Code and a recent decision in the Appellate Term, First Department, landowners who seek to buy out the rights of tenants in occupancy face a minefield of requirements and restrictions. Done properly, the landowner can recapture the apartment for other uses and seriously increase the rent.