{ "media_type": "text", "post_content": "I secured a 2-year lease on my luxury studio during covid but am looking to transfer it to someone new around the 1-year mark (moving in with SO). Would it be reasonable to ask the new tenant to split the penalty with me (we each pay $2400) since they get to keep the low rent rate that I secured? The studio is back at market price now (~$1200 more than my current rent).", "post_id": "616e0d73ce26c20027df8793", "reply_count": 23, "vote_count": 1, "bowl_id": "5aa3ebca6a56fa0013ec82de", "bowl_name": "New York City" }

I secured a 2-year lease on my luxury studio during covid but am looking to transfer it to someone new around the 1-year mark (moving in with SO). Would it be reasonable to ask the new tenant to split the penalty with me (we each pay $2400) since they get to keep the low rent rate that I secured? The studio is back at market price now (~$1200 more than my current rent).

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Lol wut no you pay the penalty. It wasn’t them that decided to break the lease, regardless of what’s charged for rent.

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I don’t even think this is legal in NYC

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I think it’s a fair thing to negotiate

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Have you found this new tenant? Lol. I'm interested.

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In April actually! I had a 4-month concession so my formal lease start date was August.

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More than fair! I would take that deal anyday

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Did you ask the landlord if they’d being willing to end the lease early without a penalty? If they’re charging $1200/month more, they might just prefer to take the apartment back and you wouldn’t have to pay at all.

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Are you going to be charging market rate?

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So the new tenant will be paying 1000 below the market rate effectively. Sounds more than fair to me.

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A $4,800 fee to transfer a lease?! That’s absurd

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It does! That's plan A. My building has the right to deny my sublet request and I'm worried they'll deny longer (~1 year) sublet terms

Have them pay it. You’re saving them $1000 a month

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New York law actually requires that the landlord let you out of the lease if they don’t approve a “reasonable” assignment. If you find a qualified tenant, you have to notify the landlord in writing. If they “unreasonably” don’t approve, they have 30 days to let you out of the lease, and there’s no penalty. https://ag.ny.gov/sites/default/files/tenants_rights.pdf

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Careful with transferring your lease. Landlord will have the right to jack up to market rate if you do

OP. I know a friend who’s looking for a studio. Where is your apartment.?

This sort of assumes that market rate will return ti what it was pre-Covid. People want to move back to nyc but many don’t have to for months and may just keep waiting it out. Prices are high right now but units are sitting empty because people don’t want to move back (because their offices have decided not to) and pay higher rent. You should pay the penalty unless you leave the apartment semi furnished or something. After all, someone taking over your lease would actually save you the obligation of paying close to 29K, which is what you signed up for when you signed a 2 year lease. Also, offering a one year lease takeover doesn’t come with the same benefits that a lease takeover usually does (eg flexible timing that could work better for someone’s situation). Besides price, what makes your apartment all that attractive?

Price is THE biggest factor and a huge discount like the one would very easily attract potential tenants, so why would you ever ignore that? The person taking over the lease isn't doing it to do OP a favor. They would be doing it because they see the value. Just based on the responses in this thread, it's clear it won't be very difficult to find people who are willing to split the penalty because the net rent is still significantly lower than the market.

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