Soliciting a lease buyout?

June 29, 2010 2:49 PM

Any info on soliciting a buyout from your landlord in NYC?

I'm wondering if anyone has had an experience with offering to give up your lease for a fee, instead of the usual buyout in which the landlord comes to you? I've heard of this working. It seems that you'd likely get a much lower price but if I'm ready to get out anyway it could be worth a shot. Any advice would be appreciated. thanks.

posted by Liquidwolf to Home & Garden (6 answers total)

Maybe I'm not understanding the question properly, but it seems like the key factor would be whether your landlord wants you out. Most of the time, your landlord wants to keep the place rented, and if you break your lease early, you pay a fee. In other words, the person who wants to break the lease does the paying, to make it worth the other person's while to allow the breaking of the contract.
posted by decathecting at 3:56 PM on June 29, 2010

I am assuming that you must be rent-stabilized or rent-control. If yes, it probably won't hurt to approach your landlord. I think the only harm is, as you said, getting a low-ball offer. I know people who have done this successfully, it really just depends on the situation of your landlord. It's one thing if it's a rental building, and he won't be able to de-control the apt when you leave, and another thing entirely if the building is a condo conversion. It would be well worth your time and money to talk to consult with an attorney, just to get a clear idea of the best approach. It will run you around $300 for an hour, which is probably all you need. Mefi mail me if you need a recommendation.
posted by kimdog at 3:57 PM on June 29, 2010

I don't know your situation, but if I'm reading this right, it sounds like you want out of your lease? Have you considered subletting?
posted by cestmoi15 at 4:57 PM on June 29, 2010

How will you convince your landlord you aren't going to leave anyway? If I were your landlord, I'd call your bluff.
posted by Obscure Reference at 5:11 PM on June 29, 2010

Response by poster: thanks for the replies...





Maybe I'm not understanding the question properly, but it seems like the key factor would be whether your landlord wants you out.

My landlord doesn't want me out. I want to leave, I've had the lease for many years, it's rent stabilized and if they got me out they could renovate and charge MUCH more. Therefore it would benefit them for me to decide to leave so they could raise the rent to market value.


How will you convince your landlord you aren't going to leave anyway? If I were your landlord, I'd call your bluff.

Since I don't have to leave, i could say I'm considering it if they make a decent offer. Otherwise I can just stay there and they have to renew the lease anyway. Just because I bring up the idea doesn't mean I'm necessarily decided to leave, it's more that I could be talked into it. They could call my bluff, but then I might not leave and they'd keep getting 1/2-2/3 of what the place is worth.


I basically just don't spend a lot of time anymore there but still technically live there.
posted by Liquidwolf at 6:56 PM on June 29, 2010

Oy, don't admit you don't spend much time there, even anonymously, or you might find yourself facing a non-primary residence case. Talk to an atty. I represent tenants in NYC, but only extremely poor ones who generally want to keep their apts, so I don't really have much useful info for you, except for referrals to attys who are respected by the tenant bar. Memail me if you'd like my referrals.
posted by Mavri at 7:19 PM on June 29, 2010