Bill > S04910

This bill amends the New York General Business Law to modify the requirements for converting residential buildings to cooperative or condominium ownership. Specifically, the bill reduces the threshold of written purchase agreements needed to declare a conversion plan effective from 51% to 25% of dwelling units, while simultaneously requiring written consent from bona fide tenants occupying 51% of the units on the date the attorney general accepts the plan for filing. This change applies to buildings or groups of buildings in New York City. For smaller buildings with five or fewer units, where the sponsor offers a unit they or their immediate family have occupied for at least two years, the plan can be effective with written purchase agreements for at least 15% of units. The bill aims to provide more flexibility in building conversions while still protecting the interests of existing tenants by maintaining a significant tenant consent requirement. The modifications are designed to make it easier to initiate cooperative or condominium conversions while ensuring that a majority of current tenants have a say in the process.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S4910