According to the NYT Ask Real estate column, the answer is maybe. You need to have a legitimate claim to the apartment. The advice is that if you have lived in the apartment for 2 years at the time that your relative leaves the apartment you will have a strong claim. If the person is elderly or disabled, you need to live there for one year.
From an investor or landlord perspective, I often get questions on apartments that seem to have a price of 1/2 or 1/3 of the market value and buyers inquire why. In my experience, this have been apartments sold with a rent stabilized tenant in place. If it’s a large enough apartment, it’s probably more feasible to see a relative moving in and sharing the space with the leasee for a period of time and then gaining succession rights keeping out of the owner’s hands for many years. However, if it’s a studio, it might not be worth the trouble for a relative to gain succession rights. These type of investments are risky and should only pursued if you can support them as typically the rent does not even cover the monthly charges.
The Chatsworth, a Beaux-Arts Restoration project of HFZ Capital will have 136 units ranging from 2-5 bedrooms. It is located at Riverside Drive and 72 street and prices range from $2.875 to over $10mm.
The redesigned Coop has 10 units in the market with 1 in contract. Sales started in February. The building features a resident lounge with a catering kitchen, activity room, bike and additional storage.
A panel made up of real estate brokers, architects and developers got together and discussed which features add value and what direction the various parts of the market are heading.
Several reports are out that are pointing to the stabilization of the real estate market and increasing inventory. In the reports, larger coops on the Upper East side are staying longer on the market- sometimes 6,9 months or one year. At the entry levels, generally consider below $2 mm, inventory still remains tight and brokers are saying that there is still pent up demand.
Naftali Group’s UWS condo which launched last year with prices starting at $4.9mm and didn’t sell any units so pulled them off the market.
With over 6000 units in the development pipeline or new to the market in 2015, it seems that all segments of the market will see some relief.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
