Extract to table

Under 421-a, rent stabilization attaches to the units as a condition of receiving the tax exemption, and the owner is required to register the units with DHCR and comply with all applicable rent stabilization requirements during the benefit period

4 provides that an owner who fails to file a timely registration shall be barred from applying for or collecting any rent increase during the period of non-registration

Review of Current Rent Roll A careful analysis of each unit on the Seller's rent roll is required to identify any gaps between the legal regulated rent and the actual rent collected

If preferential rents exist, the specific differential for each unit must be quantified, as this directly affects Briarwood's projected rental income and NOI projections

The preferential rent status of each unit must be confirmed through review of the DHCR registration statements and the individual lease agreements

80% ($6,960,000 NOI ÷ $120,000,000 purchase price) must be carefully assessed