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OK ty always posts crazy NYC Real Estate stuff but I have one that may take the cake in terms of CRAZY

Posted by JackDawson (aka dawson) Oct 2 '19, 09:33

I got an email alert from the website I use that there was a new listing, and it's like, huge, three bedrooms, awesome locations, great building, and it's like...30%? of the price of what we normally see in that area? Maybe 20%?

Basically I took out my check book and called my broker and was like DONE I'm on the way to just buy this, what's the problem?

Answer: "Oh, you are allowed to sell a unit as the owner with a rent-controlled tenant in place. You wait for the tenant to die and then hope he doesn't have a family."

I mean, I get that corporations and companies sell and buy buildings with tenants in them all the time but look to sell ONE UNIT to the retail market under such conditions? What the fuck.

Responses:

The reason the price is so low is because there's next to no way to evict the tenant so you'd have to wait for them to leave. - Krusty Oct 2, 09:47 3
- I haven’t kept up to speed with any recent changes, but I thought there was an exception for an owner to be able to occupy a unit? -- (edited) - znufrii Oct 2, 09:54 1
  - Yeah, I believe it doesn't apply if buying a single unit but our rent laws are very difficult to understand so 🤷‍♂️ -- nm - Krusty Oct 2, 10:36
- It would be at market value if it was empty -- nm - Krusty Oct 2, 09:48
Yikes. -- nm - Strongbad, Champ Champ Oct 2, 09:38
that is a ugly scenario. - Pippy - Dream Weaver & Catcher Oct 2, 09:36 5
- I think you are becoming the landlord of a rent-controlled apt. -- nm - psilotum Oct 2, 09:50 4
  - oh okay, I thought someone was waiting for someone to die. - Pippy - Dream Weaver & Catcher Oct 2, 09:54 2
    - Not that rent can be reset, because it can't. He can't move in unless they vacate. He doesn't want to be a landlord, he wants to live there. -- nm - Krusty Oct 2, 10:40 1
      - just make the tenant 'disappear' -- nm - decline Oct 2, 10:49
  - Yup -- nm - Krusty Oct 2, 09:50

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OK ty always posts crazy NYC Real Estate stuff but I have one that may take the cake in terms of CRAZY

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