GBL 352-eee Suburban Conversions

N.Y. Gen. Bus. Law § 352-eee

Governs conversion of occupied residential rental buildings to cooperative or condominium ownership in cities, towns and villages in Nassau, Westchester and Rockland counties that adopt a local resolution electing applicability. A non-eviction plan cannot be declared effective until at least 15% of bona fide tenants in occupancy execute purchase agreements; an eviction plan requires both at least 51% of bona fide tenants in occupancy (excluding eligible senior citizens and disabled persons) and at least 35% (including them). Non-purchasing tenants under an eviction plan are protected from eviction until the later of their lease expiration or three years after the plan is declared effective, and eligible senior citizens and disabled persons receive permanent eviction protection.