Some New York renters were caught mid-move

Buyers find their closings on hold and some renters are caught mid-move

National /
Apr.April 04, 2020 09:00 AM
Coronavirus catches New Yorkers in the middle of deals and moves (Credit: iStock)

Coronavirus catches New Yorkers in the middle of deals and moves (Credit: iStock)

The coronavirus pandemic is not only throwing a wrench into the business of renting and selling apartments in New York, but moving to and from them as well.

Some unfortunate New Yorkers find their closings on hold. Others are caught mid-move, according to the New York Post.
Robert Sosin closed on a three-bedroom unit in the Southbridge Towers in lower Manhattan just before the pandemic began affecting business in the city. He expected an April 1 closing and started packing for the move, but his final approval from his lender was put on hold.

He and his family at least can stay in their current apartment and shouldn’t take any significant financial hit, but not everyone is so lucky.

A couple that moved from Downtown Brooklyn to Jersey City in mid-March may be on the hook for their old lease after a deal fell through with a couple from across the country to take over the $3,500 lease through August. That could cost them up to $17,500.
On top of that, their old building barred visitors. Daniel, who asked that his last name not be published, said that means he can’t show the apartment or bring in maintenance crews to ready it for new renters.

Landlords of “low- to moderate-income” multifamily properties are expected to be the first to take a financial hit from the pandemic.
The rent-regulated landlord trade group Community Housing Improvement Program estimates that 2,000 prospective tenants have asked to either pull out of upcoming leases or move in with family members because they can’t afford their units. [NYP] — Dennis Lynch


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