Q: I’ve lived in my 5.5 room rent-stabilized apt for over 37 years. The UWS
building went coop a long time ago, but we did not buy–non-eviction plan.
What kind of offer might I be able to expect from the landlord?
A: One of the first steps in this process is to get informed about what your apartment is worth on the open market so you can better understand the landlord’s offer. This can be done through your own research, a real estate agent or an appraiser.
Unfortunately there is no rule of thumb to estimate the discount for an inside sale – it may depend on how your rent compares to market rents and how much the monthly maintenance charges are compared to your monthly rent. If there have been other recent insider sales, you might get a sense of what the landlord might offer, but it is not assured.
Have you had a conversation with your landlord regarding buying the property? Let us know how this works out for you or if we can be of further assistance.