S 4910: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 4910 2025-2026 Regular Sessions  IN SENATE February 14, 2025 ___________ Introduced by Sen. FELDER -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development 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 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07834-01-5 
 S. 4910 2 1 without fraud and discriminatory repurchase agreements or other discri- 2 minatory inducements. 3 § 2. Clause 1 of subparagraph (i) of paragraph (c) of subdivision 2 of 4 section 352-eeee of the general business law, as amended by chapter 696 5 of the laws of 2022, is amended to read as follows: 6 (1) Subject to the provisions of clause two of this subparagraph, the 7 plan may not be declared effective until written purchase agreements 8 have been executed and delivered for at least [fifty-one] twenty-five 9 percent of all dwelling units in the building or group of buildings or 10 development subscribed for by bona fide tenants in occupancy on the date 11 a letter was issued by the attorney general accepting the plan for 12 filing and written consent have been obtained from the bona fide tenants 13 who were in occupancy of fifty-one percent of the dwelling units in the 14 building or group of buildings or development on the date a letter was 15 issued by the attorney general accepting the plan for filing for which 16 purchase agreement shall be executed and delivered pursuant to an offer- 17 ing made without discriminatory repurchase agreements or other discrimi- 18 natory inducements. 19 § 3. This act shall take effect immediately.