Building Bought at Foreclosure Sale
LVT Number: 10568
Landlord planned to purchase building at a foreclosure sale. DHCR records showed that apartments had been registered every year since 1984. But given the foreclosure, landlord couldn't obtain proof that the initial registrations were sent to tenants. Landlord asked the DHCR what effect this would have in the event of tenant overcharge complaints. In an opinion letter, the DHCR stated that given the complete annual registrations of the building and the foreclosure sale, the legal regulated rent would be the rent registered four years prior to the most recent registration statement plus any later lawful increases and adjustments.
DHCR Opin. Ltr. by Nathaniel Geller (12/5/95) [2-page document]
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