New York A 5841: Relates to the conversion of certain real property to cooperative or condominium ownership in the city of New York

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A05841 Summary:

BILL NOA05841 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORWeprin

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §352-eeee, Gen Bus L

&nbsp

Provides that a plan may not be declared effective for conversion to cooperative or condominium ownership until written purchase agreements have been executed and delivered for at least twenty-five percent of all dwelling units in the building or group of buildings and written consent has been obtained from the bona fide tenants who were in occupancy of fifty-one percent of the dwelling units in the building or group of buildings or development on the date a letter was issued by the attorney general accepting the plan for filing.

Go to top A05841 Actions:

BILL NOA05841 

&nbsp

02/24/2025referred to housing

01/07/2026referred to housing

Go to topA05841 Committee&nbspVotes:

Go to topA05841 Floor&nbspVotes:

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

Go to topA05841 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5841

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 24, 2025
 ___________

 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
 on Housing

 AN ACT to amend the general business law, in relation to the conversion
 of 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:

 1 Section 1. Paragraph (b) of subdivision 1 of section 352-eeee of the
 2 general business law, as amended by chapter 696 of the laws of 2022, is
 3 amended to read as follows:
 4 (b) "Non-eviction plan". A plan which may not be declared effective
 5 until written purchase agreements have been executed and delivered for
 6 at least [fifty-one] twenty-five percent of all dwelling units in the
 7 building or group of buildings or development by bona fide tenants who
 8 were in occupancy on the date a letter was issued by the attorney gener-
 9 al accepting the plan for filing and written consent have been obtained
 10 from the bona fide tenants who were in occupancy of fifty-one percent of
 11 the dwelling units in the building or group of buildings or development
 12 on the date a letter was issued by the attorney general accepting the
 13 plan for filing; provided, however, that for a building containing five
 14 or fewer units, and where the sponsor of the offering plan offers the
 15 unit that they or their immediate family member has occupied for at
 16 least two years, the plan may not be effective until written purchase
 17 agreements have been executed and delivered for at least fifteen percent
 18 of all dwelling units in the building subscribed for by bona fide
 19 tenants in occupancy or bona fide purchasers who represent that they
 20 intend that they or one or more members of their immediate family occupy
 21 the dwelling unit when it becomes vacant. The purchase agreement shall
 22 be executed and delivered pursuant to an offering made in good faith
 23 without fraud and discriminatory repurchase agreements or other discri-
 24 minatory inducements.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07834-01-5

 A. 5841 2

 1 § 2. Clause 1 of subparagraph (i) of paragraph (c) of subdivision 2 of
 2 section 352-eeee of the general business law, as amended by chapter 696
 3 of the laws of 2022, is amended to read as follows:
 4 (1) Subject to the provisions of clause two of this subparagraph, the
 5 plan may not be declared effective until written purchase agreements
 6 have been executed and delivered for at least [fifty-one] twenty-five
 7 percent of all dwelling units in the building or group of buildings or
 8 development subscribed for by bona fide tenants in occupancy on the date
 9 a letter was issued by the attorney general accepting the plan for
 10 filing and written consent have been obtained from the bona fide tenants
 11 who were in occupancy of fifty-one percent of the dwelling units in the
 12 building or group of buildings or development on the date a letter was
 13 issued by the attorney general accepting the plan for filing for which
 14 purchase agreement shall be executed and delivered pursuant to an offer-