Advice needed - Tenant laws in NYC
I am looking at purchasing an apartment building in NYC - the tenants are below market rent and the property needs updates (lasted updated in '05). I do not have any prior experience investing in NYC, so my question to you all is:
- How difficult is it to evict tenants that are behind on rent?
- Can you "evict" so you can make updates on the building?
- Once old tenants are out, is there anything stopping me from renting the apartment at market rent?
Thank you all in advanced.