I have a yearly residential lease, If my landlord sells my building, can the new owner tear up my lease and raise my rent ?

Typically not. When a landlord sells an apartment building, he typically will assign the existing leases to the new owner. That new owner will purchase the proerty subject to the existing leases and generally must honor them. If the buyer is obtaining financing to for the purchase, his lender will have underwritten the anticipated income from the building based on the rents derived from the existing leases, including yours. Assuming this is a written lease which satisfies the statutue of frauds, the landlord would be hard pressed to simply tear up your lease and seek to enter into a new lease at a higher rent. When your lease expires, if you want to renew and the landlord is amenable, he could charge as much as he wants and perhaps may seek to raise the rent significanly if what you have been paying is below market for the area and type of dwelling. This answer is based on common law. Connecticut law may differ on the issue but I doubt it. I would consult a Connecticut lawyer who handles real estate and/or landlord/tenant law.