S T A T E O F N E W Y O R K
2013-2014 Regular Sessions
I N S E N A T E
January 9, 2013
Introduced by Sen. DIAZ -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
AN ACT to amend the general business law, in relation to providing an
extension of time to the purchasing period for tenants to purchase a
dwelling unit in a cooperative apartment building
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 352-eeee of the general business law is amended by
adding three new subdivisions 2-a, 2-b and 2-c to read as follows:
2-A. NOTWITHSTANDING THE TIME PERIODS SET FORTH IN PARAGRAPH (A) OF
SUBDIVISION TWO OF THIS SECTION, THE OFFEROR SHALL EXTEND THE PURCHASE
PERIOD FOR AN ADDITIONAL YEAR FROM THE ORIGINAL DATE AND AT THE ORIGINAL
PURCHASE PRICE SET FORTH IN THE OFFERING STATEMENT OR PROSPECTUS,
REQUIRED BY SUBDIVISION ONE OF SECTION THREE HUNDRED FIFTY-TWO-E OF THIS
ARTICLE, TO TENANTS INTENDING TO PURCHASE A DWELLING UNIT IN SUCH COOP-
ERATIVE APARTMENT BUILDING WHO HAVE NOT BEEN ABLE TO ACQUIRE THE FINANC-
ING NECESSARY TO MAKE SUCH PURCHASE DURING THE PURCHASE PERIOD PROVIDED
IN THE INITIAL OFFERING STATEMENT OR PROSPECTUS.
2-B. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, THE
OFFEROR SHALL NOT REQUIRE A TENANT TO SEEK ANY ADDITIONAL FINANCING UPON
PROOF THAT SUCH TENANT HAS BEEN DENIED FINANCING FROM A FINANCIAL INSTI-
TUTION. SUCH OWNER SHALL RETURN ANY MONIES DEPOSITED BY A TENANT UNABLE
TO ATTAIN SUCH FINANCING.
2-C. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, ANY
PURCHASER OF A DWELLING UNIT OR CONDOMINIUM OR OTHER FORM OF COOPERATIVE
INTEREST IN REALTY, SHALL HAVE THE OPTION TO VOID A PURCHASE AGREEMENT
IF THE OFFEROR REFINANCES A COOPERATIVE BUILDING OR GROUP OF BUILDINGS
OR DEVELOPMENT DURING THE PURCHASE PERIOD.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 298 2
S 2. This act shall take effect immediately; provided, however, that
the amendments made to section 352-eeee of the general business law by
section one of this act shall not affect the expiration of such section
and shall be deemed to expire therewith.