New York A 10876: Relates to cooperative or limited-profit housing companies and conversions to cooperative or condominium ownership in the city of New York

Bill Text

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A10876 Summary:

BILL NOA10876 

&nbsp

SAME ASNo Same As

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SPONSORRosenthal

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COSPNSR

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MLTSPNSR

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Amd §352-eeee, Gen Bus L

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

Go to top A10876 Actions:

BILL NOA10876 

&nbsp

04/08/2026referred to housing

Go to topA10876 Committee&nbspVotes:

Go to topA10876 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA10876 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10876

 IN ASSEMBLY

 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:

 1 Section 1. Paragraph (a) of subdivision 1 of section 352-eeee of the
 2 general business law, as amended by section 5 of part GG of chapter 56
 3 of the laws of 2025, is amended to read as follows:
 4 (a) "Plan". Every offering statement or prospectus submitted to the
 5 department of law pursuant to section three hundred fifty-two-e of this
 6 article for the conversion of a building or group of buildings or devel-
 7 opment from residential rental status to cooperative or condominium
 8 ownership or other form of cooperative interest in realty, other than an
 9 offering statement or prospectus for such conversion pursuant to section
 10 three hundred fifty-two-eeeee of this article or article two, eight or
 11 eleven of the private housing finance law. However, a conversion pursu-
 12 ant to article two, eight or eleven of the private housing finance law
 13 shall be a covered plan under this section if the building or group of
 14 buildings to be converted is already, prior to conversion, a cooperative
 15 or limited-profit housing company organized under any article of the
 16 private housing finance law.
 17 § 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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