[Amended 3-6-1990 by Ord. No. 1103]
Any owner who intends to convert a multiple dwelling into a condominium
or cooperative shall give the tenants 60 days' notice of his intention
to convert and the full plan of the conversion prior to serving notice. A
duplicate of the first such notice and full plan of the conversion shall be
transmitted to the Borough Clerk and the Secretary/Investigator of the Rent
Leveling Board at the same time. In the notice of intention to convert, tenants
shall be notified of their right to purchase ownership in the premises at
a specified price in accordance with the state statute and their other rights
as tenants in relation to the conversion of a building to a condominium or
a cooperative.
If any provisions of this chapter are in conflict with the state law
governing conversions of condominiums and cooperatives, it is hereby deemed
that the state law shall supersede this chapter.
Increased costs which are solely the result of a conversion, including
but not limited to any increase in financing or carrying costs, and which
do not add services or amenities not previously provided shall not be used
as a basis for an increase in a fair return or hardship hearing before the
Rent Leveling Board or any appeal from such determination.
The landlord is prohibited from charging a pass-through to protected
tenants of a tax increase resulting from a conversion.
All services previously enjoyed by the protected tenants must be continued. No reduction of services, except as allowed by Article X, will be permitted.
Any tenant choosing to retain rental status after a conversion shall
be protected by all of the articles of this chapter.
If a tenant voluntarily chooses to vacate an apartment governed by this
chapter, a noncoersion certificate, as defined in this chapter is required.
