What happens to my NYC apartment lease if the building is sold?

Buildings in NYC change hands regularly. If your landlord sells the building, your rights as a tenant depend on your lease and the type of apartment you have.

Your lease survives a sale:

  • A valid, signed lease is binding on whoever owns the building — including a new owner
  • The new owner must honor the terms of your existing lease for its full duration
  • Your rent cannot be changed mid-lease simply because the building was sold

What the new owner can and cannot do:

  • Can: introduce new building rules for common areas (subject to your lease terms), change building management contact details, collect rent going forward
  • Cannot: evict you because they purchased the building (without proper legal process), change your lease terms before the current lease expires, refuse to return your security deposit (which must be transferred from the old owner to the new owner)

Rent-stabilized tenants have extra protection:

  • If your apartment is rent-stabilized, the new owner must continue to offer lease renewals under the same RSL rules as the previous owner
  • Your stabilization status does not change because the building changes hands

Steps to take when you learn your building is being sold:

  • Request written confirmation that your security deposit will be transferred to the new owner
  • Get the new owner's contact information for maintenance and rent payment purposes
  • Keep a copy of your signed lease — this is your primary protection
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