All Forum Posts by: Rickie Pringle

You need to perform extreme due diligence before investing in Rent Stabilized properties in Brooklyn, NY ( NYC & NYS). Vacant units are not automatically destabilized if they were rent stabilized before they became vacant. In fact, there is currently no provision since the enactment of 2019 Rent Law that allows vacant apartments to be come destabilized in NYS. Your best hope is that the four vacant apartments are Market Rate apartments, which I doubt. You can contact HCR (DHCR), the NYS agency that regulates Rent Stabilized and Rent Control apartments in NYS and ask them for a report showing the status of each rent stabilized apartment in the building. In addition, you need to know the current Legal Rents in the records of HCR (DHCR) for each apartment as they will be rents that you will most likely be stuck with and you will not have the ability to increase rents to cover Rehab or your investment.