Dennis Greenstein Quoted in The New York Times

An article in the December 25, 2005 issue of The New York Times quoted New York real estate partner Dennis Greenstein. The article, “Free-Market Tenants in a Conversion Plan,” explores the rights of rental tenants in a building which is being converted to a co-op. Under New York’s rent control laws, rent-regulated tenants in a building undergoing a conversion under the rules of a noneviction plan could stay in a co-op building as rental tenants. The protection afforded to tenants in apartments which are not rent-regulated becomes effective only after the date on which a building’s sponsor’s submitted plan is declared effective. On this date, non-rent-regulated tenants are entitled can remain in the building indefinitely without being subjected to “unconscionable” rent increases. The article concludes:

“Dennis Greenstein, a Manhattan real estate lawyer, said that if a nonregulated tenant is offered a renewal lease before a plan becomes effective – event if the lease is for less than a year – he or she should probably take it.

`You just might get lucky,’ Mr. Greenstein said, `and be in occupancy on the date the plan is declared effective.’”