Did you know that not all buildings in Hoboken are subject to rent control? Is yours exempt?

In 1988 and with an amendment in 1992 the State of NJ passed legislation that made certain buildings exempt from rent control if the builder made application for the exemption within a specific timeframe in relation to obtaining the certificate of occupancy.

The exemption applies to Industrial to Residential conversions and new construction completed after the 1992 amendment.

Are you in a new building?  Did your builder apply for the exemption?  Are you in an industrial to residential conversion like the Tea Building?  The Tea building is one of the buildings that did, in fact, make such an application.

Any unit that has this exemption is more attractive and/or valuable to all given how few are in Hoboken. If you are buying new construction, ask the building via attorney review if he applied for this exemption.  As to see his certificate.  Even if you intend to live in the unit, you never know and you don't know what the next buyer is going to want to do with the property.

Below is a list obtained from the Rent Leveling Office in Hoboken of all the buildings in Hoboken who made application within the requisite timeframe and obtained an exemption.

Hudson Tea was an Industrial to Residential Conversion post 1992

Below is a list obtained from the Rent Leveling Office in Hoboken of all the buildings in Hoboken who made application within the requisite timeframe and obtained an exemption.

These buildings can raise rents up to the state limit of 25%.  A Tenant always has the option of suing in court claiming a rental increase is "unconscionable" but other than that these can fluctuate at market.  

Information provided by Donna Antonucci

Prudential Castle Point Realty

201-240-6832

Information provided by Donna Antonucci

Prudential Castle Point Realty

201-240-6832

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www.hobokenrealestatemonitor.com