Adam Leitman Bailey, P.C. Recovers Rent-Stabilized Apartments
Nine months after being retained to recover two rent-stabilized units at West Street, Adam Leitman Bailey, P.C. negotiated two buyouts and successfully transformed the units into a commercial office for the landlord.
The owner of a property desired to turn a rent-regulated apartment in Manhattan into office space. One tenant occupied a unit for 24 years paying $497.25 in rent, and another tenant occupied a unit for 17 years paying $884.56 in rent. Adam Leitman Bailey, P.C. was retained to recover possession of the units as quickly as possible.
Since non-renewal applications filed with the New York State Division of Housing and Community Renewal (“DHCR”) will only survive under very specific and specialized circumstances, Adam Leitman Bailey, P.C. immediately strategized credible grounds for recovery and drafted and filed the application with the DHCR. Since the units were directly on top of each other, the application set out that the owner needed the space for the operation of its business and intended to combine such space into a single, two-level office space to be used as management offices for the owner’s present properties.
Without having to appear for even one hearing at the DHCR, Adam Leitman Bailey, P.C. negotiated both buyouts, drafted favorable surrender agreements, and effectuated the vacatur of both tenants, thereby transforming the units into the property owner’s personal office, unbound by any use restrictions that would have been imposed by the DHCR, with Adam Leitman Bailey and Dov Treiman as managing partners on the case, and Jackie Halpern Weinstein on drafting and negotiations.