Co-op/Condo Conversion Plans (NYC)

N.Y. General Business Law § 352-eeee

Under the Martin Act and applicable only in the City of New York, this section governs conversion of residential rental buildings to cooperative or condominium ownership: every offering plan must be declared either an eviction plan or a non-eviction plan. A non-eviction plan cannot be declared effective until bona fide tenants in occupancy execute written purchase agreements for at least 51% of all dwelling units (a reduced 15% threshold applies only to certain small buildings of five or fewer units). Non-purchasing tenants in rent-regulated units remain subject to those protections, and a non-eviction plan bars eviction proceedings against non-purchasing tenants for failure to purchase.