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MY NEW YORK CITY APARTMENT HAS BEEN SOLD AND IT HAS LESS ...

Sent to Legal Experts August 26 11:10 PM

MY NEW YORK CITY APARTMENT BUILDING HAS BEEN SOLD AND IT HAS LESS THAN 6 UNITS. ITS A LIVE WORK SPACE AND I PUT ABOUT $40,000 IN REDOING THE SPACE WHAT ARE MY RIGHTS?

Edited by Customer (name blocked for privacy) on August 26 2006 at 11:23 PM

 

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New York,, New York

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Customer (name blocked for privacy)
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August 27 6:18 AM (7 hours and 7 minutes and 58 seconds later)
         
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Dear Customer (name blocked for privacy),

This depends upon the terms of your lease. Most leases that allow occupant funded improvements, make the improvements the property of the owner of the building.

However, your improvements are sufficient enough, that you may be able to go to court to recover a portion of the investment. (The court would most likely apportion your improvements to a percentage of overall increase value to the property).

You need to begin with your lease. It will be difficult overcome terms of a lease which you signed, acknowledging your understanding.

Also, in regards to the terms of your lease, you need to see if it says anything about termination of the lease upon sale of the building. Without that, you might be able, with the help of an attorney, to invoke successor of interest rights. This means that you may be able to cause the new owner to honor the terms of the lease.



Edited by emj1219 on August 27 2006 at 6:18 AM



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Edward M. Johnson
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