Landlord sold my apt. building.

owler · November 2010

Can anyone give me any advice or tell me about any experience dealing with what happens when your landlord sells the building you rent from?

I'm not rent stabilized and I have a lease agreement.

If I have to move it's no biggie, I've been contemplating moving anyway, but it would be nice to stay where I'm at for the moment.

Any advice would be greatly appreciated.

opossumqueen · November 2010

Check brownstoner. There was a long thread about this topic (from the perspective of someone buying a place with tenants in place).

I think this was it:

http://www.brownstoner.com/forum/archives/2010/09/seller_still_ha.php

Might have some useful info.

modsquad2.0 · November 2010

The new owner has to honor your existing lease. Even if he was salivating over your apartment for his own he still would have to honor the current lease. There is nothing wrong with offering to leave early, for a price of course, if the hand writing is on the hallway wall.

bohuma · November 2010

Your new landlord's mortgage might have been approved only because s/he could demonstrate that you as the current tenant are paying $X in rent. As a market rate tenant, the landlord can decline to offer you a renewal at the end of your lease, and require you to vacate, but if s/he has bought the building as an investment to rent out the apartments, it's unlikely you'll be asked to move. Market rate leases often have clauses about what happens if the building is is sold. Similarly, some contracts to sell buildings require the purchaser to honor the existing leases.

Landlord sold my apt. building.

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