Tenant Buyouts
We have obtained numerous life-changing as well as multi-million-dollar buyouts for our clients. A buyout occurs when a landlord plans to demolish, renovate, or occupy the building and/or apartment that you live in. The negotiation of a maximum, life-changing monetary buyout requires extensive experience representing tenants against developers and landlords—which our firm possesses.
There are times when landlords attempt to evict tenants from their apartments for the purpose of demolishing an existing building in order to replace it. Although the law provides mechanisms for landlords to pursue this goal, it also provides tenants with many defenses and opportunities to disprove the landlord’s claim, often leading to a favorable buyout.
Tenants have the right to oppose and challenge their landlord’s demolition application both administratively, before the Division of Housing and Community Renewal (DHCR), and in court, in order to prevent the landlord from achieving this goal. These proceedings often take years, delaying the landlord’s plans. Tenants frequently form a Tenant Group or Association to unite their opposition, which can result in multiple beneficial buyouts for every tenant involved. Our firm has extensive experience obtaining these life-changing buyouts and successfully opposing demolition applications on behalf of both individual tenants and tenant associations.
Even if successful in a demolition application, it may take the landlord many years to achieve the goal. We can often cause the landlord’s application to be denied, thereby preventing the demolition. Therefore, in most cases, the landlord must offer large, life-changing buyouts to their tenants.
We are highly experienced in negotiating such buyouts and relocations at the landlord’s expense.
Because buyouts and demolition proceedings are very complicated and settlements are often positively life-changing, tenants should not attempt to defend such applications or negotiate buyouts on their own. Tenants should consult with attorneys to properly represent their interests.
We have obtained multi-million-dollar settlements on behalf of tenants whose landlords applied to demolish their buildings and have successfully prevented numerous demolitions.
We offer complimentary consultations and you are welcome to schedule your complimentary, no-obligation consultation by calling us at 212-921-1600.
