Schleider also suggests looking at places where market rents are less than $2,700. “It’s highly unlikely in prime Manhattan to have a rent-stabilized apartment because the landlord who has the unit with a rent-stabilized tenant that goes vacant will take it out of stabilization.”
So where should you be looking? “You’re most likely to find these apartments in places where the rent is lowest because the landlord doesn’t have incentive to spend the money to get it out of stabilization,” Schleider adds. “If the market in the neighborhood is below $2,700, there is no reason for them to spend money.”
Bolger recommends looking in areas like Upper Manhattan, Midtown West, Hell’s Kitchen, Harlem, South Bronx, and Central Brooklyn (Prospect Heights, Lefferts Gardens, Crown Heights).