Laid off, need to break lease

[Cesar]

I live in downtown Manhattan. I was laid off 5 months ago and have been paying rent from my savings as I try to find work. I renewed my lease back in December 2008 for another 2 years (lease ends 1/31/11). In two months, I will have to find a new place if I don't land a new job. The building is managed by a corporate entity. They have a substantial deposit from me that equals about 3 months of rent.

- What are the steps to breaking the lease?

- Should I wait approaching the building management corporation until I can really no longer afford to stay?

- What steps can/should I take to ensure I get back my deposit? Or will I lose my deposit?

- Will they sue me for the balance of the lease duration?

- Per the clause below, what constitutes "reasonable" or "unreasonable" in this case?

............
Per the "Assignment; Subletting" clause on the lease:

"You cannot assign this Lease or sublet the Apartment without Owner's advance written consent in each instances to a request made by You in the manner required by Real Property Law 226-b. Owner may refuse to consent to a lease assignment for any reason or no reason, but if the Owner unreasonably refuses to consent to request for a lease assignment properly made, at Your request in writing, Owner will end this lease effective as of thirty days after Your request."
............


Thanks for your guidance.

 

[Gail_in_Georgia]

It would be a good idea to discuss (with management) now your need to break this lease. It is up to them to agree to do this. I would discuss attempting to find someone to take over your lease (i.e., sublet), explaining that you understand that any potential tenant you find would need to go through the same screening process you did (if applicable).

If another tenant cannot be found to take over..and management refuses to allow you to terminate your lease..you would likely lose both your security deposit plus face a possible lawsuit on rent owed until the unit can be rerented.

Gail