monitor

I will admit that I have not operated in NY in more than 30 years.

I do not recall ever going into L&T court without Danny Finkelstein or Larry Borah but do remember occasionally getting pushed around by the way the system operated in those days.

Landing Gear

Finkelstein and Borah split up some years ago. In fact, Borah is dead although the firm he later founded stll bears his name, Borah, Goldstein, Altschuler, Nahins & Goidel.

Daniel Finkelstein went on to form another firm which is now called Finkelstein Newman Ferrarra with the elevation of Lucas Ferrarra to name partner last year. When I took one of Finkelstein's CLE classes a while back he seemed very much alive.

You might be interested in reading this page on the firm's website:

Lucas A. Ferrara in New York Times Real Estate Section, BREAKING A LEASE, September 7, 2007

Both of these firms are excellent practitioners of landlord-tenant litigation and I would not hesitate to refer to either assuming the prospective client can afford their fees.

erik123

To get back to the original question: Yes - it is very likely that you can add this provision to the lease if you are an expat. You could ask your broker (fees are paid by the landlord nowadays and they are clamoring for business) to find a landlord willing to include this provision.

This makes the entire discussion about litigating these cases moot.

stupidhead

Don't diplomats usually have their housing paid for by the government? And for most higher level officials, don't the governments own apartments that the diplomats live in?

erik123

Not typically (unless you're the ambassador). Most of these people rent their own place and get a subsidy or (partial) reimbursement. (At least in New York).

Analise

My building (which is a rental) has "corporate" apartments rented not just to companies but also to various UN entities. These UN entities, like other corporate apt lessees, pay the rent monthly no matter who lives there.

monitor

But any co-op with sensible directors will not allow "corporate" apartments which have a constantly turning over complement of residents and which most believe compromise the security (not to mention the peace and quiet) of the building.

erik123

That's one reason why coops are cheaper than condos - though current conditions may force coops to re-examine their policies.

Landing Gear

They may have an expense account or reimbursement but they still have diplomatic immunity.


That depends on the country. The French consul, for example, lives in the very tony consulate on Fifth Avenue. The consul general of Lower Slobovia may have a rental in Queens.

monitor

On the contrary, that policy does much to stabilize and enhance the value of co-ops. Nobody with any taste (or money) would actively choose to live next door to a apartment that is being used as a rooming house or hotel.

The reason that the co-op appears cheaper than an equivalent condo is that a co-op apartment has a share of the building's underlying mortgage which is only reflected in the sale price by capitalizing the maintenance costs applicable to it.

Landing Gear

And you know this how?


I can also ask a broker to find me a three bedroom at One CPW for $1,500 a month.

Not all fees are paid by all landlords although there are some concessions
being made.

You're actually arguing against your own point. If as a landlord, I am paying a broker a commission to find me a tenant, a commission predicated on receiving a total amount of rent for a year or two, why in the world would I allow an early termination? A landlord who paid no commission (as things generally were until this year) would have much more reason to agree.


Not quite. If you know there is a possibility of wanting to leave before the end of the term and you fail to disclose this to the landlord before the lease is signed, this makes a lawsuit much more likely especially if rents continue to go down.

Analise

That may be but not all apartment buildings are co-op. Mine certainly isn't (100% rental) although I wouldn't mind if it went co-op or condo.

Analise

What current conditions and which policies?

erik123

Sales have dried up to a trickle - prices are plunging. Both for sales as well as rentals. Buy a copy of the real deal if you don't believe me. This is not a good time to be a londlord or seller - and it is severly impacting the conditions you can set as a seller/landlord.

As an aside - where do you think those 20,000+ international UN personnel and diplomats live? - most of their housing subsidies are contigent on an ability to break the lease upon transfer.

Analise

It also all depends on the vacancy rate of that particular property based on location and amenities. I wish my landlord had more vacancies.

Too many of them live in my building as they are constantly moving in and moving out and thus tie up the elevators. People come and go but the entities who pay the rent on these corporate apts do so each and every month, year in and year out.