Rental Building unit sublet by lease holder?

[plp]

Hi,
I am new to NYC and looking for rental building.
I heard RiverWatch rental building in Battery Park City(70 Battery Place) is nice and somone(lease holder) wants to rent his apt out and said his lease allows him to do that. However I am not familiar with rental building so not sure if that's common or any risk involved.

What's the common practice here in NYC for sublet apt in a rental building by lease holder?:confused:

Thanks a lot!
Li

[lofter1]

Sometimes a sublet requires approval by (1) board of the building (2) in cases of Rent Stabilized units it requires OK by owner and is limited to 2 years.

Ask the lease holder if either apply.

[plp]

he said it's no board approval needed and I don't believe it's a rent-stabilized building for this RiverWatch(built in 1999)

will try to call management company to figure out.

Sometimes a sublet requires approval by (1) board of the building (2) in cases of Rent Stabilized units it requires OK by owner and is limited to 2 years.

Ask the lease holder if either apply.

[Front_Porch]

Whether or not board approval is needed, what you basically want is a piece of paper saying the building knows you're in a sublet and is okay with that.

If the current lease holder won't help you get that, chances are he's trying to save himself some money by not declaring your subtenancy and paying an attached fee -- but in that case, your tenancy is also at risk.

Also, bear in mind that this is a rent-stabilized building, so the holder of the original tenancy is legally not allowed to make $$$ off you.

ali r.
{downtown broker}

[plp]

Thank you!
It sounds complicated...what kind of fee involved to the lease holder if he declares the sublet?

For me, if no contract signed between me and building or lease holder, it seems too risky since he can deny my tenancy anytime, can't he?

Thanks.

Whether or not board approval is needed, what you basically want is a piece of paper saying the building knows you're in a sublet and is okay with that.

If the current lease holder won't help you get that, chances are he's trying to save himself some money by not declaring your subtenancy and paying an attached fee -- but in that case, your tenancy is also at risk.

Also, bear in mind that this is a rent-stabilized building, so the holder of the original tenancy is legally not allowed to make $$$ off you.

ali r.
{downtown broker}

[daver]

You want a contract between yourself and the leaseholder, AND a letter from the building approving your sublet. To be safe.

[ManhattanKnight]

Although many subleases are undoubtedly entered into informally (and illegally), if you want to do it the right way and protect yourself as much as possible, you should: (1) insist upon having a written sublease (a link to the standard NY form for this: http://www.blumberglegalforms.com/Forms/193.pdf); (2) obtain and keep a copy of the primary lease for the apartment between the landlord and tenant; (3) be sure that the tenant has obtained written approval from the landlord for subleasing the apartment to you and that (s)he has given you a copy of that landlord consent; (4) verify that you are not being charged more than the law allows (which, for a rent-stabilized apartment, is the apartment's current legal rent plus -- I believe-- no more than 10% extra if the apartment is furnished); and (5) if you are required to pay a security deposit, make sure that it is kept in an interest-bearing account.