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
following meanings:
BUILDING
Any building, group of buildings or development.
CAPITAL REPLACEMENT
A building-wide replacement of a major component of any of
the following systems: elevator; heating, ventilation and air conditioning;
plumbing; wiring; or window; or a major structural replacement to
the building; provided, however, that replacements made to cure code
violations of record shall not be included.
OFFEROR
The offeror, his or her 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 the 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 the 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 §
121-3 of this chapter.
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 building as determined
by the Bureau of Housing and Buildings. 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 Director of the Bureau of
Housing and 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.
Any violation of this chapter shall constitute a Class II offense.