The Board of Trustees finds that the protection of the health, safety
and welfare of persons within the village who reside in residential buildings
being converted from rental status to cooperative or condominium ownership
requires that such persons be informed of the physical condition of such buildings
and of any outstanding notices of code violations issued with respect to such
buildings. The Board of Trustees further finds that for the health, safety
and welfare of residents of the village and for the preservation and improvement
of this substantial and increasing form of housing accommodation it is essential
that funds be set aside for the purpose of making capital repairs and improvements
to such buildings.
The provisions of this chapter shall apply to conversions from rental
to cooperative or condominium status of a building or a group of buildings
or a development for which a plan must be filed with the State Department
of Law pursuant to § 352-eee of the General Business Law.
As used in this chapter, the following words shall have the meanings
indicated:
BUILDING
Any building, group of buildings or development.
CAPITAL REPLACEMENT[Amended 9-2-1987 by L.L.
No. 12-1987]:
A.
A buildingwide replacement of a major component of any of the following
systems: elevator; heating, ventilation and air-conditioning; plumbing; wiring;
window; roof; or asbestos removal; or
B.
A major structural replacement in the building; provided, however, that
replacements made to cure code violations of record shall not be included.
OFFEROR
The offeror, his nominees, assignees and successors in interest.
TOTAL PRICE
A.
With respect to cooperative conversions, the number of all shares in
the offering multiplied by the last price per share which was offered to tenants
in occupancy prior to the effective date of the plan regardless of number
of sales made.
B.
With respect to condominium conversions, the sum of the cost of all
units in the offering at the last price which was offered to tenants in occupancy
prior to the effective date of the plan regardless of number of sales made.
The cooperative corporation or condominium board of managers shall report to shareholders and unit owners on a semiannual basis with respect to all deposits into and withdrawals from the reserve fund mandated by §
98-4.
The offeror, not later than the 30th day following the acceptance of
a plan for filing by the State Department of Law pursuant to § 352-eee
of the General Business Law and until the closing of the conversion pursuant
to such plan, shall post and maintain in a prominent place, accessible to
all tenants in each building covered by the plan, a listing of all violations
of record against such buildings as determined by the Department of Buildings
and the Department of Housing Preservation and Development. All newly issued
violations shall be posted within 48 hours of their issuance and maintained
as described above. The offeror may satisfy the requirements of this section
by designating an agent on the premises with whom such listing shall be made
available for inspection by the tenants.
Where, pursuant to law or regulation of the State Attorney General,
an offeror is required to file a report with the State Department of Law describing
the condition of the physical aspects of the premises to be converted and
the surrounding neighborhood, a copy of such report shall be submitted simultaneously
to the Commissioner of Buildings.
Any provision purporting to waive the provisions of this chapter in
any contract to purchase or agreement between an offeror and the cooperative
corporation or the condominium board of managers pursuant to a conversion
plan shall be void as against public policy.