Bill > A02619

This bill establishes comprehensive rights and protections for ground lease residential cooperative apartment buildings upon the expiration of their ground lease. Specifically, the bill requires ground lease residential cooperatives to initiate dissolution processes within ten days of lease expiration and ensures that current residents will be deemed tenants with the right to receive rental leases under existing tenant protection laws. The bill also grants ground lease residential cooperatives the ability to encumber their lease interests, with some restrictions and requirements for obtaining ground lease owner permission. Additionally, the bill creates a right of first refusal for the cooperative when the ground lease property is being marketed for sale, giving the cooperative 120 days to match any bona fide purchase offer received by the ground lease owner. If the cooperative chooses to purchase, they must provide an offer with identical price, terms, and conditions within that timeframe. For deconverted cooperative properties, the bill establishes that initial rent will be calculated based on the most recent legal regulated rent, adjusted by lawful annual guideline amounts. These provisions aim to protect residents and provide clear processes for ground lease residential cooperatives during lease transitions, ensuring stability and fair treatment for tenants.