At the Juncture of Real Estate and Technology

  A number of investors asked me if anyone at the choice of current tenant can take over the lease on a rent stabilized or controlled apartment in NYC, regardless if she/he is a family member or has stayed in the unit as her/his primary residence. This is obviously a very important question for investors to assess their assumption and risk of their investment in such property. Here is some information that could help answer the question.  The New York State Rent Stabilization Law gives certain occupants of rent stabilized or controlled apartment the “succession rights” to the unit. You can find the details from DHCR’s website  here . To qualify for the succession rights, there are a few conditions that have to be met:  The apartment The primary tenant on the lease The occupant claiming succession Minimum co-occupancy period The apartment The apartment needs to be rent stabilized or controlled unit regulated by NYS Rent Stabilization Law. To find out if your building ...