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Assembly Bill A8809

2021-2022 Legislative Session

Relates to the percentage of units to be sold to convert certain real property to cooperative or condominium ownership in the city of New York

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Archive: Last Bill Status - Passed Senate & Assembly

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Bill Amendments

2021-A8809 - Details

Law Section:
General Business Law
Laws Affected:
Amd §352-eeee, Gen Bus L

2021-A8809 - Summary

Permits certain buildings with five or fewer units to convert to cooperative or condominium ownership upon written purchase agreements with at least fifteen percent of the dwelling units in the building.

2021-A8809 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8809
 
                           I N  A S S E M B L Y
 
                             January 12, 2022
                                ___________
 
 Introduced  by  M.  of  A.  EICHENSTEIN -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the general business law, in relation to the  percentage
   of units to be sold to convert certain real property to cooperative or
   condominium ownership in the city of New York
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 of section 352-eeee  of  the
 general business law, as amended by section 1 of part N of chapter 36 of
 the laws of 2019, is amended to read as follows:
   (b)  "Non-eviction  plan".  A plan which may not be declared effective
 until written purchase agreements have been executed and  delivered  for
 at  least  fifty-one  percent  of  all dwelling units in the building or
 group of buildings or development by bona fide tenants who were in occu-
 pancy on the date a letter was issued by the attorney general  accepting
 the  plan  for  filing; PROVIDED, HOWEVER, THAT FOR BUILDINGS CONTAINING
 FIVE OR  FEWER  UNITS,  UNTIL  WRITTEN  PURCHASE  AGREEMENTS  HAVE  BEEN
 EXECUTED  AND  DELIVERED  FOR  AT  LEAST FIFTEEN PERCENT OF ALL DWELLING
 UNITS IN THE BUILDING OR GROUP OF BUILDINGS OR  DEVELOPMENTS  SUBSCRIBED
 FOR BY BONA FIDE TENANTS IN OCCUPANCY OR BONA FIDE PURCHASERS WHO REPRE-
 SENT  THAT THEY INTEND THAT THEY OR ONE OR MORE MEMBERS OF THEIR IMMEDI-
 ATE FAMILY OCCUPY THE DWELLING UNIT WHEN IT BECOMES VACANT. The purchase
 agreement shall be executed and delivered pursuant to an  offering  made
 in  good faith without fraud and discriminatory repurchase agreements or
 other discriminatory inducements.
   § 2. Subparagraph (i) of paragraph (c) of  subdivision  2  of  section
 352-eeee  of the general business law, as amended by section 1 of part N
 of chapter 36 of the laws of 2019, is amended to read as follows:
   (i) [The] (1) SUBJECT TO THE PROVISIONS OF SUBPARAGRAPH  TWO  OF  THIS
 PARAGRAPH, THE plan may not be declared effective until written purchase
 agreements  have  been  executed  and  delivered  for at least fifty-one
 percent of all dwelling units in the building or group of  buildings  or
 development subscribed for by bona fide tenants in occupancy on the date
 a  letter  was  issued  by  the  attorney general accepting the plan for
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

2021-A8809A - Details

Law Section:
General Business Law
Laws Affected:
Amd §352-eeee, Gen Bus L

2021-A8809A - Summary

Permits certain buildings with five or fewer units to convert to cooperative or condominium ownership upon written purchase agreements with at least fifteen percent of the dwelling units in the building.

2021-A8809A - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8809--A
                                                         Cal. No. 448
 
                           I N  A S S E M B L Y
 
                             January 12, 2022
                                ___________
 
 Introduced  by  M.  of  A.  EICHENSTEIN -- read once and referred to the
   Committee on Housing -- reported from committee, advanced to  a  third
   reading,  amended  and  ordered  reprinted, retaining its place on the
   order of third reading
 
 AN ACT to amend the general business law, in relation to the  percentage
   of units to be sold to convert certain real property to cooperative or
   condominium ownership in the city of New York
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 of section 352-eeee  of  the
 general business law, as amended by section 1 of part N of chapter 36 of
 the laws of 2019, is amended to read as follows:
   (b)  "Non-eviction  plan".  A plan which may not be declared effective
 until written purchase agreements have been executed and  delivered  for
 at  least  fifty-one  percent  of  all dwelling units in the building or
 group of buildings or development by bona fide tenants who were in occu-
 pancy on the date a letter was issued by the attorney general  accepting
 the  plan  for filing; PROVIDED, HOWEVER, THAT FOR A BUILDING CONTAINING
 FIVE OR FEWER UNITS, AND WHERE THE SPONSOR OF THE OFFERING  PLAN  OFFERS
 THE  UNIT THAT THEY OR THEIR IMMEDIATE FAMILY MEMBER HAS OCCUPIED FOR AT
 LEAST TWO YEARS, THE PLAN MAY NOT BE EFFECTIVE  UNTIL  WRITTEN  PURCHASE
 AGREEMENTS HAVE BEEN EXECUTED AND DELIVERED FOR AT LEAST FIFTEEN PERCENT
 OF  ALL  DWELLING  UNITS  IN  THE  BUILDING  SUBSCRIBED FOR BY BONA FIDE
 TENANTS IN OCCUPANCY OR BONA FIDE PURCHASERS  WHO  REPRESENT  THAT  THEY
 INTEND THAT THEY OR ONE OR MORE MEMBERS OF THEIR IMMEDIATE FAMILY OCCUPY
 THE  DWELLING  UNIT WHEN IT BECOMES VACANT. The purchase agreement shall
 be executed and delivered pursuant to an offering  made  in  good  faith
 without  fraud and discriminatory repurchase agreements or other discri-
 minatory inducements.
   § 2. Subparagraph (i) of paragraph (c) of  subdivision  2  of  section
 352-eeee  of the general business law, as amended by section 1 of part N
 of chapter 36 of the laws of 2019, is amended to read as follows:
   (i) [The] (1) SUBJECT TO THE PROVISIONS OF SUBPARAGRAPH  TWO  OF  THIS
 PARAGRAPH, THE plan may not be declared effective until written purchase
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

2021-A8809B (ACTIVE) - Details

Law Section:
General Business Law
Laws Affected:
Amd §352-eeee, Gen Bus L

2021-A8809B (ACTIVE) - Summary

Permits certain buildings with five or fewer units to convert to cooperative or condominium ownership upon written purchase agreements with at least fifteen percent of the dwelling units in the building.

2021-A8809B (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8809--B
                                                         Cal. No. 448
 
                           I N  A S S E M B L Y
 
                             January 12, 2022
                                ___________
 
 Introduced  by  M.  of  A.  EICHENSTEIN -- read once and referred to the
   Committee on Housing -- reported from committee, advanced to  a  third
   reading,  amended  and  ordered  reprinted, retaining its place on the
   order of third reading -- again  amended  on  third  reading,  ordered
   reprinted, retaining its place on the order of third reading
 
 AN  ACT to amend the general business law, in relation to the percentage
   of units to be sold to convert certain real property to cooperative or
   condominium ownership in the city of New York
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph (b) of subdivision 1 of section 352-eeee of the
 general business law, as amended by section 1 of part N of chapter 36 of
 the laws of 2019, is amended to read as follows:
   (b) "Non-eviction plan". A plan which may not  be  declared  effective
 until  written  purchase agreements have been executed and delivered for
 at least fifty-one percent of all dwelling  units  in  the  building  or
 group of buildings or development by bona fide tenants who were in occu-
 pancy  on the date a letter was issued by the attorney general accepting
 the plan for filing; PROVIDED, HOWEVER, THAT FOR A  BUILDING  CONTAINING
 FIVE  OR  FEWER UNITS, AND WHERE THE SPONSOR OF THE OFFERING PLAN OFFERS
 THE UNIT THAT THEY OR THEIR IMMEDIATE FAMILY MEMBER HAS OCCUPIED FOR  AT
 LEAST  TWO  YEARS,  THE PLAN MAY NOT BE EFFECTIVE UNTIL WRITTEN PURCHASE
 AGREEMENTS HAVE BEEN EXECUTED AND DELIVERED FOR AT LEAST FIFTEEN PERCENT
 OF ALL DWELLING UNITS IN  THE  BUILDING  SUBSCRIBED  FOR  BY  BONA  FIDE
 TENANTS  IN  OCCUPANCY  OR  BONA FIDE PURCHASERS WHO REPRESENT THAT THEY
 INTEND THAT THEY OR ONE OR MORE MEMBERS OF THEIR IMMEDIATE FAMILY OCCUPY
 THE DWELLING UNIT WHEN IT BECOMES VACANT. The purchase  agreement  shall
 be  executed  and  delivered  pursuant to an offering made in good faith
 without fraud and discriminatory repurchase agreements or other  discri-
 minatory inducements.
   §  2.  Subparagraph  (i)  of paragraph (c) of subdivision 2 of section
 352-eeee of the general business law, as amended by section 1 of part  N
 of chapter 36 of the laws of 2019, is amended to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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