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DRAFT FOR ATTORNEY REVIEW — NOT FINAL

Liggett v. Lew Realty LLC, 42 N.Y.3d 415 (2024)

Citation
Liggett v. Lew Realty LLC, 42 N.Y.3d 415 (2024)
Parent Document
Liggett v. Lew Realty LLC, 42 N.Y.3d 415 (2024)
Jurisdiction
New York (state)
Effective Date
2024-06-20

Full Text

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New York's Rent Stabilization Code provides a specific process for setting the initial rent of an apartment leaving rent control and entering rent stabilization. Under 9 NYCRR 2521.1 (a) (1), the initial regulated rent "shall be the rent agreed to by the owner and the tenant and reserved in a lease or provided for in a rental agreement subject to [*3]the provisions of this Code, and subject to a tenant's right to a Fair Market Rent Appeal to adjust such rent pursuant to section 2522.3 of this Title." The right to file an FMRA is held only by the first tenant of a rent-stabilized apartment, so long as that tenant received mailed notice of this right (see 9 NYCRR 2522.3 [a]).