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Assembly Bill A10876

2025-2026 Legislative Session

Relates to cooperative or limited-profit housing companies and conversions to cooperative or condominium ownership in the city of New York

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Current Bill Status - In Assembly Committee

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2025-A10876 (ACTIVE) - Details

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

2025-A10876 (ACTIVE) - Summary

Includes certain cooperative or limited-profit housing companies for purposes of conversions to cooperative or condominium ownership in the city of New York.

2025-A10876 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10876
 
                           I N  A S S E M B L Y
 
                               April 8, 2026
                                ___________
 
 Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
   Committee on Housing
 
 AN ACT to amend the general business law, in relation to cooperative  or
   limited-profit  housing  companies  and  conversions 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 (a) of subdivision 1 of section 352-eeee of the
 general business law, as amended by section 5 of part GG of  chapter  56
 of the laws of 2025, is amended to read as follows:
   (a)  "Plan".  Every  offering statement or prospectus submitted to the
 department of law pursuant to section three hundred fifty-two-e of  this
 article for the conversion of a building or group of buildings or devel-
 opment  from  residential  rental  status  to cooperative or condominium
 ownership or other form of cooperative interest in realty, other than an
 offering statement or prospectus for such conversion pursuant to section
 three hundred fifty-two-eeeee of this article or article two,  eight  or
 eleven  of the private housing finance law. HOWEVER, A CONVERSION PURSU-
 ANT TO ARTICLE TWO, EIGHT OR ELEVEN OF THE PRIVATE HOUSING  FINANCE  LAW
 SHALL  BE  A COVERED PLAN UNDER THIS SECTION IF THE BUILDING OR GROUP OF
 BUILDINGS TO BE CONVERTED IS ALREADY, PRIOR TO CONVERSION, A COOPERATIVE
 OR LIMITED-PROFIT HOUSING COMPANY ORGANIZED UNDER  ANY  ARTICLE  OF  THE
 PRIVATE HOUSING FINANCE LAW.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14518-01-6

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