Yes - tenant buyouts are common in NYC for market-rate tenants and sometimes for rent-stabilized tenants. Negotiate a cash payment in exchange for the tenant voluntarily surrendering the lease and vacating by a specific date. Get the agreement in writing with your attorney. Buyout amounts vary widely - from one month's rent for cooperative market-rate tenants to significant sums for long-term rent-stabilized tenants.
From the seller playbook: Tenant-Occupied Property Sales - Showing Constraints, Lease Survival, and Buyer Adjustments
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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