Legal Question in Landlord & Tenant Law in New York

I own a building in NYC that is rent stabilized. I have 9 units that I currently rent. However, when I look a the definition of rent stabilized buildings it says that a building needs to be built between 1947 and 1974 AND have six or more units.

What I was wondering is IF I were to 1) rent only five units 2) convert the nine units into five, would the rent stabilization then go away? Is there ANY affordable and feasible way of removing the rent stabilization in the building, because I am completely crippled by it and am honestly considering selling the house because it is such a nightmare dealing with nasty tenants that I cannot evict, having HPD called on me every ten seconds even when I have done nothing wrong, etc.


Asked on 5/29/10, 11:32 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

What I was wondering is IF I were to 1) rent only five units 2) convert the nine units into five, would the rent stabilization then go away?

A. If you only rent 5, you still have the other 4 units available to rent. Therefore, it does nothing. To convert is also not easy, since you would need permits, inspection and certificate of completion from the city.

Mike

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Answered on 5/30/10, 6:59 am


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