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Common questions

What is a lease takeover in NYC?

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, which requires the landlord's written consent, which the landlord may withhold without cause regardless of building size (unless the lease itself grants a greater right to assign); this does not apply to public housing, other units with constitutional or statutory admission criteria, or co-op proprietary leases. 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.

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

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.

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

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.

Are lease takeovers cheaper than standard NYC leases?

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.

Are sublets legal in New York City?

Yes. Under New York Real Property Law Section 226-b(2), a tenant renting pursuant to an existing lease in a building with four or more units generally has the right to sublet with the landlord's written consent, which the landlord cannot unreasonably withhold (the section does not cover public housing, other units with constitutional or statutory admission criteria, or co-op proprietary leases). Sublets in rent-stabilized buildings are subject to additional rules under the Rent Stabilization Code.