|       Careers       |                              |          212 371 8008

News & Insights

Home » News & Insights » Converting Apartments into Condos? Not Anymore!

Converting Apartments into Condos? Not Anymore!

Other

The rules have changed for the conversion of New York rental buildings into condominiums.

Tenants who opt not to purchase their units cannot be evicted in connection with the conversion.   Conversion plans must be approved by 51% of current tenants.  This change will impact the decision to covert, lending, and the ability of landlords to meet their tax obligations.

Governor Andrew Cuomo signed the new regulations into effect this month, mostly as a means to protect renters’ rights against corporate realty giants.

Habitat Magazine. Are Co-op and Condo Conversions a Thing of the Past?(June 2019.) Retrieved from https://www.habitatmag.com/Publication-Content/Co-op-Condo-Buyers/2019/2019-June/Death-of-Conversions

Recent Posts

Is Your Co-Op or Condo ADA Compliant?

A shareholder in your co-op has recently become disabled and your building’s entrance is not fully accessible. Is the co-op responsible for modifying the entrance so it accommodates the disabled resident? Accommodations required by Title III of the American...

Can Adult Children of Co-Op Shareholders Live in the Unit?

When it comes to allowing adult children to live in a co-op without the shareholder, a host of questions come into play, including the co-op’s rules about subletting and the terms of the proprietary lease. In a prior post about subletting a co-op, we explained that...