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. The incoming renter takes over the original rent, terms, and remaining months — avoiding broker fees, application fees, and typically credit checks associated with a new lease in NYC, where the broker fee market has shifted since the FARE Act took effect in June 2025.

Question 2

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

Accepted Answer

Leaseswap maps active lease takeovers from LeaseBreak, Reddit, and other sources in a single view. Each pin shows the monthly rent and neighborhood; tapping a pin links to the original listing 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

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 and eliminate the broker fee — historically 10–15% of annual rent. Median NYC rent hit $4,500 in 2025, so avoiding a 15% broker fee on a $4,500/month lease saves roughly $8,100 upfront.