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by Michael B. Terk, Esq.
Deregulation of Rent Controlled and Rent Stabilized Apartments.
Owners should not miss the opportunity to increase both their building’s value and rent roll. Your rent stabilized or rent controlled apartment may be subject to deregulation, thereby removing it from rent regulation and leaving you free to collect market rent. An added bonus is that owners do not have to offer lease renewals to tenants of deregulated apartments. There are two ways that this deregulation can occur. The procedures are technical, requiring specific forms be served and filed by deadlines. Owners should consult a professional agent or attorney for more information.
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by Erica Thau
There are many important issues that can affect an owner of a residential building. As many are of a complicated nature, it is important for an owner to have a professional managing agent familiar with these issues to assist in their application. One such matter involves maintaining tenant security accounts in compliance with Article 7 of the General Obligations Law (“GOL”).
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By Michael B. Terk, Esq.
When a rent stabilized or rent controlled apartment becomes vacant, owners should increase the legal rent above $2,000, thereby subjecting the apartment to vacancy decontrol. Upon a rent regulated unit becoming vacant, an owner is well advised to consult a professional property manager or landlord-tenant attorney to take the maximum permissible increase.
Deregulated apartments have many advantages. Owners may set any lease term desired
rather than one or two years only; owners are not required to renew leases; owners may hold more than one month’s rent as security; and owners can recover deregulated apartments for their own use or other purpose at the end of the lease term.
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