Tenants’ rights do not end when an owner dies. Leases generally continue, and a buyer will study every apartment before making an offer.
Help for a building that still has to run
- 20+ years of Brooklyn and NYC real estate experience
- Free preliminary comps and a detailed CMA for families and attorneys
- Third-party vendors coordinated, so you make one call
Key takeaways
- Leases generally continue after an owner dies.
- Registration history matters to buyers.
- Current law limits rent increases.
- Operations must continue during the estate.
The estate sale journey
Death notificationVerify and gather records
Inventory assetsIdentify the property and costs
Court hearingsYour attorney handles the court
Property valuationComps and market analysis
Strategic marketingQualified buyers, once authorized
ClosingTitle, debts and distribution
See each stage in our Brooklyn probate and estate sale process.
Third-party services for an inherited building
Vendors are independent third parties. We coordinate them, and the person with legal authority decides what gets done. In occupied buildings, work must respect tenants’ rights.
What buyers review
| Record | What a buyer checks |
|---|---|
| Rent roll | Legal rents by apartment |
| DHCR registrations | Gaps and errors |
| Income and expenses | Actual operating costs |
| Violations | HPD and DOB items to clear |
Avoid costly mistakes
Records a buyer will request
- Current rent roll, leases and renewals
- DHCR annual registration history
- Income and expense statements
- Open HPD and DOB violations
- Boiler, gas and other inspection records
Before you share details: we are real estate brokers, not attorneys or tax advisors. Legal, court and tax questions belong with your attorney, accountant and tax advisor.
What affects price
- Stabilized rents versus market rents
- Rent increase limits under current law, including the 2019 rent law changes
- Building condition and upcoming capital needs
- Gaps or errors in registrations
Keep the building running
Rent must still be collected, repairs made, and heat and hot water provided. Ask your attorney who has authority to manage the building during the estate.
Questions for your attorney
- Do the letters restrict the sale?
- Are any apartments subject to succession claims or disputes?
- Does any rent history need correction before marketing?
Frequently asked questions
Do tenants have to leave for a sale?
Generally no. Tenants’ rights continue. Ask your attorney about your building.
Can rents be raised before selling?
Only as the law allows. Review this with your attorney.
Who buys these buildings?
Mostly multifamily investors and operators.
Helpful public resources
NYS Homes and Community Renewal | NYC HPD | ACRIS property records
Related reading
Mendy Lipsker, Founder and CEOMendy Realty Inc. is a licensed New York real estate brokerage. 718-751-0738.
This is not legal or tax advice. Consult with your attorney, accountant and tax advisor. Mendy Realty Inc. is a licensed real estate broker only. We are not attorneys, accountants or tax advisors. Equal Housing Opportunity.
