These middlemen want to negotiate tenant buyouts — for a commission

They say they’ll get tenants the best deal, and charge less than attorneys

TRD New York /
Mar.March 29, 2019 11:00 AM
Lease Buyout Advisors and Metro Tenant Advisors are two companies offering to negotiate buy-outs

Lease Buyout Advisors and Metro Tenant Advisors are two companies offering to negotiate buy-outs (Credit: iStock)

There’s a new kind of broker in town.

Middlemen companies are emerging to broker buyout deals between landlords and rent-stabilized tenants, according to a new report from Gothamist.

Lease Buyout Advisors and Metro Tenant Advisors are two companies offering to negotiate buyouts, and both say they don’t charge upfront fees. Instead, they charge commissions of between 15 and 18 percent for closed buyouts. While that’s more than double the typical 6 percent charged by a real estate broker in a sale, it’s still less than many real estate attorneys charge.

“I would never represent someone on a legal case,” Benjamin Landy, founder Lease Buyout Advisors, told Gothamist. “My expertise is getting tenants as much money as possible.”

While no data is available on the number of buyouts across the city, Landy told Gothamist business is going strong. He says he has 150 clients, and closes one buyout a week for between $7,000 and “hundreds and thousands.” [Gothamist] — Decca Muldowney

 

Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
16 Sutton Place (Credit: Google Maps)

Sutton Place co-op in turmoil over terrace fees

Sutton Place co-op in turmoil over terrace fees
 David Bistricer of Clipper Equity and 77 Commercial Street in Greenpoint (REIT and Google Maps)

Bistricer lands $386M construction loan for Greenpoint project

Bistricer lands $386M construction loan for Greenpoint project
109 East 79th Street and Victor Sigoura (Google Maps; Getty)

Victor Sigoura lands $133M construction loan for UES condo

Victor Sigoura lands $133M construction loan for UES condo
Molly Townsend (Getty, iStock)

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint
New home listings in Manhattan are up for the 4th week in a row. Contract signings, not so much. (Getty; iStock)

Manhattan resi listings are up while contracts “limp along”

Manhattan resi listings are up while contracts “limp along”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...