A 79-year-old widow in a rent-stabilized two-bedroom apartment in Manhattan’s East Village neighborhood may have to sell her lease to her landlord to pay off her creditors if a federal appeals court denies her appeal of separate rulings by a bankruptcy court and a federal district court.

Millions of other New Yorkers in rent-stabilized apartments, which make up 44 percent of the city’s rentals, could be affected by the federal appeals court decision, the first time one is being asked to consider if a rent-stabilized lease is an asset that is liable for seizure in a bankruptcy case, according to the New York Times.

Currently, the widow, who has lived in the apartment for 50 years, pays $703 per month in rent, thousands less than non-rent-stabilized apartments in the neighborhood.

Source: New York Times

 

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top