1. What is a rent-regulated apartment lease buyout?
It is a negotiated agreement where a landlord purchases the leasing rights of a tenant. In New York, this normally refers to a landlord purchasing leasing rights and a tenant vacating their rent-regulated apartment in exchange for some sort of monetary consideration.
2. Is a tenant buyout and a lease buyout used interchangeably?
Yes, these terms are used interchangeably in the industry and refer to the same thing.
3. Why there is demand for landlords to buyout rent-regulated tenants?
Often times, tenants living in rent-regulated units pay significantly below market rent rates. A landlord may be able to re-capture this lost value by buying out the current rent-regulated tenant and proceeding to remove the unit from its regulated status. This unlocked opportunity means that a landlord would have more opportunity to increase the rent received for such units. A larger incentive would be more valuable in situations of potential development sites.
4. What is the benefit of using a third party specialist to negotiate on your behalf?
A third party specialist may have intimate knowledge of the landlord’s business plan, as well as its related value and costs, and can advise the client on the best practices to seize the highest and best price.
5. Why use Metro Tenant Advisors?
MTA can share industry wisdom and insights on what may be best for you, and your apartment.
6. Should every tenant consider a buyout?
NO. You should only accept a buyout if you and your household have carefully thought it out. Very few people fit the criteria to meaningfully benefit from such a life-changing decision.
7. What are the costs associated with using Metro Tenant Advisors?
MTA only gets paid on results. Only if you accept the terms and we execute, do we get paid.
8. What are the costs associated with doing a tenant buyout?
MTA can share such a list upon engagement and give you examples so you can better determine your own situation.
9. Why does Metro Tenant Advisors specialize in representing NYC Rent Regulated Tenants?
MTA’s team is comprised of industry veterans with over 30 years of combined experience in NYC housing. They have extensive knowledge in negotiations, construction, finance, and local laws. As a result, they have a competitive advantage on how to best structure such negotiations.
10. How do I know what type of professional I need?
There are many professionals in the real estate business. A lawyer advises and interprets the law. An accountant advises on taxes. A realtor advises on market conditions and negotiations in order to get you the most value. Identifying your most pressing need is the first step in determining which professional can help you best.