Low rent at risk if apartment building sells

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Question: Four years ago, my landlord agreed in writing to a $350 rent reduction on my one-bedroom apartment. The landlord is now very ill and there is a good chance the building may be sold. How do I ensure that I will continue to be able to pay my current rent and not have the new owners hold me to the rent agreed to on the original lease or otherwise raise my rent? Property manager Griswold replies: It sounds like you have a lease that has expired and rolled over to a month-to-month rental agreement if you are still relying on a 4-year-old letter from your landlord reducing your rent by $350 per month. Clearly, you need to have a new lease signed for the net rent that you have been effectively paying for the last four years. You are probably OK under the current ownership, as your current lease is valid and as long as the current owner doesn't rescind the rent reduction letter agreement and/or send you a notice of rent increase. However, any new owner will likely be see...