Non Evict Co-op

[quuen]

Hello All. The building I live in, in Queens NY, was in Chpt 11 Bankruptcy. It has been recently bought by a big real estate group. I believe the building sponsor had about 50% of the shares, and the rest was co-op. The building is a rent stabilized non evict co-op. Basically I am safe no matter what because my apartment is rent stabilized. However my friend who recently moved into the building has been told that at the end of her lease (July 31, 2004), this month, she basically needs to move. The office has notified her that they will allow her to stay for a max of 2 months until she finds a new place. Her apartment is not rent stabilized therefore she has no basic protection. The reason that she along with many others are being forced out is because the new owners want to sell the remaining apartments. What rights does she have? Must she move? And within what time frame? I am not sure that she was even given 30 days notice. Thanks for all your help. E

 

[Michael Wechsler]

This is a very good question. I'm not sure of the correct answer but there is some practical knowledge she might want to use here. When does her current lease expire? I'm not sure whehter the new owners have a right to evict her before the lease expires but if there is no right of renewal, she will have to find a new place eventually if the owners want to sell and do not want to renew the lease. She may want to start looking and work out the time period for her departure with the new owners if it becomes necessary. First thing to do -- read the lease carefully.

Originally posted by quuen
Hello All. The building I live in, in Queens NY, was in Chpt 11 Bankruptcy. It has been recently bought by a big real estate group. I believe the building sponsor had about 50% of the shares, and the rest was co-op. The building is a rent stabilized non evict co-op. Basically I am safe no matter what because my apartment is rent stabilized. However my friend who recently moved into the building has been told that at the end of her lease (July 31, 2004), this month, she basically needs to move. The office has notified her that they will allow her to stay for a max of 2 months until she finds a new place. Her apartment is not rent stabilized therefore she has no basic protection. The reason that she along with many others are being forced out is because the new owners want to sell the remaining apartments. What rights does she have? Must she move? And within what time frame? I am not sure that she was even given 30 days notice. Thanks for all your help. E