Although, it might seem unfair, a rent stabilized tenant who pays well below market is allowed to own a 2nd home in Miami or South America or wherever they choose. As long as the tenant lives in their stabilized apartment for 183 days per year, they can do what they want with their money according to NYT.
As a matter of fact, in my building, there is a rent stabilized tenant, that owns an apartment right next door to their rent stabilized apartment and allegedly they tried to combine the two!
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
313 West 138th street, an 8 unit rent stabilized building recently closed. The asking price for the 17′ wide building between Frederick Douglass boulevard and Edgecombe avenue was $1,800,000 and the purchase price was $1,870,000. The buyer was a professional firm that owns a portfolio of buildings in the Bronx. One unit was delivered vacant at closing and the building had some deferred maintenance.
The kitchen in one of the 8 units
The ground floor unit features access to the backyard.
The view on West 138th street facing towards St Nicholas Park.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
The New York Appeals court has confirmed that a landlord who deregulated an apartment back in 2004 did so correctly. The case had to do with the 20% vacancy allowance and how it is applied. The apartment was deregulated after applying the 20% vacancy allowance but a lower court had said the rent paid by the previous tenant needs to exceed the rent stabilization threshold. Previously, the court system had awarded the tenant over $100k in overcharged rent and that decision was vacated.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
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
Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
