2 hours ago
Midtown East, Midtown Manhattan, Manhattan
By Elissa Drassinower
No Fee · Exclusive · By Owner · Doorman · Elevator · Laundry in Unit
Confused about the differences between a sublet and a leasebreak unit? Don't be. In New York, it's not unusual for tenants to end their leases prematurely. In situations such as these, landlords or management companies are forced to make a choice between the following scenarios. The first scenario allows the current tenant to find a "subtenant" who would pay rent to the current tenant who is then responsible for paying rent to the landlord. In the second scenario, a leasebreak has the current tenant end their lease with the landlord once the current tenant has found a new tenant willing to sign a new lease with the landlord. In both scenarios, most current tenants won't be penalized or be on the hook to pay rent through the end of the lease as long as they can find a qualified new tenant. Often, the current lease holder might be willing to negotiate price in order to avoid continue paying for an apartment they aren't living in anymore. However, make sure to check with the landlord or management company that they are okay with the sublet/leasebreak and keep in mind that rent may go up with the new lease or as soon as the current lease expires, which is generally in less than a year.