Monday, April 16, 2012

Did you know that not all buildings in Hoboken are subject to rent control? Is yours exempt?



In 1988 and with an amendment in 1992 the State of NJ passed legislation that made certain buildings exempt from rent control if the builder made application for the exemption within a specific timeframe in relation to obtaining the certificate of occupancy.

The exemption applies to Industrial to Residential conversions and new construction completed after the 1992 amendment.

Are you in a new building?  Did your builder apply for the exemption?  Are you in an industrial to residential conversion like the Tea Building?  The Tea building is one of the buildings that did, in fact, make such an application.

Any unit that has this exemption is more attractive and/or valuable to all given how few are in Hoboken. If you are buying new construction, ask the building via attorney review if he applied for this exemption.  As to see his certificate.  Even if you intend to live in the unit, you never know and you don't know what the next buyer is going to want to do with the property.

Below is a list obtained from the Rent Leveling Office in Hoboken of all the buildings in Hoboken who made application within the requisite timeframe and obtained an exemption.


Hudson Tea was an Industrial to Residential Conversion post 1992


Below is a list obtained from the Rent Leveling Office in Hoboken of all the buildings in Hoboken who made application within the requisite timeframe and obtained an exemption.

These buildings can raise rents up to the state limit of 25%.  A Tenant always has the option of suing in court claiming a rental increase is "unconscionable" but other than that these can fluctuate at market.  



Information provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832












The construction office has records of other buildings that have this designation but do not compile it into a list that can be requested through the open public records act. The city is not required to create a report for you. You can only request existing documents

Even the Rent Leveling office cannot get the Construction Office to put a list together. As such it's important to request this information in an attorney review.

If you ask for it via attorney review, the seller has to cooperate and provide accurate information otherwise face liability. There are a number of things like this. Hire a qualified, knowledgeable agent who can help you ask the right questions. A real estate attorney won't necessarily know to automatically ask these questions as part of attorney review. They typically assume you have decided that you want the property and it's not necessarily an immediate concern particularly if you intend to use the unit as a residence ie not intending immediately to use it as a rental.

Information provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832

www.vrealia.com
www.hobokenrealestatemonitor.com





Donna Antonucci Hoboken Real Estate





Donna Antonucci Hoboken Real Estate









Donna Antonucci


Donna Antonucci