Any New York City attorney practicing rent regulatory law has negotiated the buy-out of a rent regulated tenant. Among other things, tenant buy-outs allow landlords to obtain vacancies, deregulate apartments, and raise rents. Sometimes the purpose of the buy-out is to allow the landlord to move into the apartment himself; in other instances, buy-outs enable a landlord to vacate the entire building and develop the property.
Buy-out offers, at least those that are accepted, can benefit tenants enormously. These payments, ranging from a few thousand dollars to over one million dollars, allow tenants to convert their rent regulatory status into cash, enabling them to buy an apartment, move out of the city, or even retire. Tenant attorneys often represent such tenants on a percentage basis, taking a portion of the buy-out payment should the deal reach fruition.
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