GBL 352-eeee NYC Conversions

N.Y. Gen. Bus. Law § 352-eeee

Governs the conversion of occupied residential rental buildings to cooperative or condominium ownership in the City of New York. Each offering plan must be designated either an eviction or a non-eviction plan; a standard non-eviction plan may not be declared effective until written purchase agreements have been executed for at least 51% of all dwelling units by bona fide tenants in occupancy, and the law confers protections on non-purchasing tenants against eviction and unconscionable rent increases. A 2022 amendment (A8809B) created a reduced 15% threshold for buildings of five or fewer units where the sponsor offers a unit they or an immediate family member occupied for at least two years.