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Infolawyer, Attorney
Category: Landlord-Tenant
Satisfied Customers: 56862
Experience:  Experience representing landlords and tenants.
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I have lived in a stabilized apartment in nyc years. i pay

Customer Question

Hi, I have lived in a stabilized apartment in nyc for 40 years. i pay $780 a month. the new tenants pay $1800 a month. I am 65 years old it is getting a harder to walk up the four flights of stairs. I want to move into a building with an elevator. I am
negotiating with the owner to buying me out, I want to know what to write in a contract to protect myself. And if I should write this offer is good for a certain number of years, then we will renegotiate.
Submitted: 1 year ago.
Category: Landlord-Tenant
Expert:  Infolawyer replied 1 year ago.

Normally there is no contract until you agree on price. Often this is negotiated by experienced local landlord tenant counsel. In many instances 36 times the difference between market and rent stablized rent is a good starting point. If developer/owner has a need for the premises, can get much more by holding out and negotiation. I would keep negotiation verbal and if and when have agreement, have a contract prepared by owner, reviewed by your lawyer.

Expert:  Infolawyer replied 1 year ago.

Let me know if that is clear and acceptable.

Expert:  Infolawyer replied 1 year ago.

Kindly rate me positively.