Q & A: Paying the Bill for Elevator Work
By: Jay Romano
February 17th, 2011
Q: Can a landlord who has converted a building to condos pay for an elevator refurbishment through a major capital improvement increase passed along to regulated tenants?
A: Dov Treiman, a Manhattan real estate lawyer, says a landlord is not entitled to a major capital improvement increase for work done after a building has been converted to a co-op or condo. “For both types of conversions,” he said, “ownership of the building passes to a new owner.” And because such increases may be claimed only by the owner of a building, any repairs done after the conversion may not be passed along to regulated tenants. Mr. Treiman noted that in the case of an improvement made before the conversion, the landlord would be entitled to an increase.