News & Insights

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

Converting Apartments into Condos? Not Anymore!


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

Recent Posts

Impact of Shorter COVID-19 Quarantine on Workplaces

On Monday, the CDC announced changes to its recommended isolation and quarantine time from 10 days to 5 days for asymptomatic people with COVID-19. They recommend that people leaving isolation after 5 days continue to wear a mask for the following 5 days. The CDC also...

Restaurants Sue Over Vaccine Mandate

Restaurant operators sued Mayor Bill de Blasio and New York City over Key to NYC, the new indoor vaccine mandate program, on August 17-the same day the mandate went into effect. A group of restaurants in Staten Island, through the Independent Restaurant Owners...

Financial Regulators’ New Target: Social Media Influencers and SPACs

The Financial Industry Regulatory Authority (“FINRA”) will conduct three new regulatory sweeps in an effort to combat various activities causing extreme fluctuations in the financial markets. FINRA has chosen to target special purpose acquisition companies (“SPACs”),...

Does WARN Apply to Virus Closures?

Enterprise, in Benson et al. v. Enterprise Leasing Co. of Florida LLC et al., has tried to argue that the Worker Adjustment and Retraining Notification Act (“WARN”), through its natural disaster exception, does not apply to closures caused by COVID-19. Two Florida...