Question 1

What is a lease takeover in NYC?

Accepted Answer

A lease takeover (also called a lease assignment) is when an existing tenant transfers the remaining term of their lease to a new tenant. New York Real Property Law section 226-b governs lease assignments: a tenant may assign a lease with the landlord written consent, which the landlord may withhold without cause unless the lease says otherwise. The incoming renter takes over the original rent, terms, and remaining months, avoiding application fees and typically credit checks associated with a new lease, in a market that shifted after the FARE Act took effect in June 2025.

Question 2

How do I find a lease takeover in New York City?

Accepted Answer

Leaseswap aggregates active lease takeovers from LeaseBreak, Reddit, and other sources into a single view. Each listing shows the monthly rent and neighborhood and links to the original source. Takeovers are particularly common in buildings near colleges and in neighborhoods with high turnover, such as the East Village, Williamsburg, and Bushwick.

Question 3

What is a sublet, and how is it different from a lease takeover?

Accepted Answer

A sublet is when an existing tenant rents out their apartment (or a room in it) to a new occupant for part of the remaining lease while the original lease stays in their name. A lease takeover (or assignment) transfers the lease itself to the new tenant. Sublets are typically shorter-term and more flexible; takeovers move the legal lease holder.

Question 4

Are lease takeovers cheaper than standard NYC leases?

Accepted Answer

Often yes. Takeovers typically preserve a below-market rent locked in before the most recent rent hikes. Per StreetEasy market data, the median Manhattan asking rent reached roughly $4,500 per month in 2025, near record highs, so taking over a lease signed in an earlier cycle can mean meaningfully lower monthly rent than signing fresh at current market rates. Rent-stabilized takeovers add a second layer of savings, since increases are capped annually by the NYC Rent Guidelines Board rather than set by the market.

Question 5

Are sublets legal in New York City?

Accepted Answer

Yes. Under New York Real Property Law section 226-b, tenants in buildings with four or more units have the right to sublet with written landlord consent, which the landlord cannot unreasonably withhold. Sublets in rent-stabilized buildings are subject to additional rules under the Rent Stabilization Code.

Borough	Takeovers	Sublets	Total
Manhattan	50	219	269
Brooklyn	40	14	54
Queens	11	2	13
Bronx	0	0	0
Staten Island	0	0	0

Take over a lease in New York City

Common questions