New York City landlords offer different types of leases depending upon if the apartment is a rent stabilized apartment,de-regulated apartment or co-op, condo sublease.                                                                                                                                                  
If you are unfamiliar with NYC rental leases you may want to read here for your answers to many of the rental questions you may have. Also you may want to became more familiar with the various types of buildings that are in our rental marketplace.

In Summary:

Rent Stabilized Lease:
In NYC, rent stabilized apartments are those apartments in buildings of six or more units built between February 1, 1947 and January 1, 1974. Tenants in buildings of six or more units built before February 1, 1947 and who moved in after June 30, 1971 are also covered by rent stabilization.
A third category of rent stabilized apartments covers buildings with three or more apartments constructed or extensively renovated since 1974 with special tax benefits. Generally, these buildings are stabilized only while the tax benefits continue.
Many Exceptions:
THERE ARE NUMEROUS EXCEPTIONS TO BOTH OF THESE GENERAL CATEGORIES. For example, if the legal rent exceeded $2,000 following a vacancy the unit may be deregulated. Or, if the unit was in a building converted to a co-op it may be deregulated upon vacancy.

Deregulated Lease:
Once deregulated, the landlord may negotiate a market rate lease.

Cooperative or Condominium Sublease:
In this type of lease arrangement the apartment is individually owned and a sublease is given. These buildings are Cooperatives and Condominiums. The sublease will contain information stating that the subtenant must follow the house rules. In addition, with a Cooperative there will be an application, financial documents, reference letters as well as an interview for approval. Each building has different rulings for the length of time a subtenant is allowed to remain in the apartment.

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The Barshay Team
Barshay Brokerage Real Estate Group, LLC
Ph: 212.645.8866  -  Fax: 212.645.8809
275 Seventh Avenue 7th Floor
New York, NY 10001
www.barshay.com

 

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