Bill > A05841

This bill amends the New York General Business Law to modify the conditions under which a building can be converted to a cooperative or condominium ownership plan. Specifically, the bill reduces the required percentage of written purchase agreements from fifty-one percent to twenty-five percent of dwelling units, while also adding a new requirement that written consent must be obtained from bona fide tenants occupying fifty-one percent of the dwelling units. The change applies to the process of declaring a "non-eviction plan" effective, which is a method of converting building ownership that aims to protect existing tenants. The bill provides a slightly different standard for smaller buildings with five or fewer units, where the plan can be effective with written purchase agreements for fifteen percent of units. These modifications are intended to make building conversions potentially easier while still maintaining protections for existing tenants. The bill applies specifically to real property conversions in New York City and will take effect immediately upon passage.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A5841