Assembly Bill A5841

2025-2026 Legislative Session

Relates to the conversion of certain real property to cooperative or condominium ownership in the city of New York

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2025-A5841 (ACTIVE) - Details

See Senate Version of this Bill:
S4910
Current Committee:
Assembly Housing
Law Section:
General Business Law
Laws Affected:
Amd §352-eeee, Gen Bus L

2025-A5841 (ACTIVE) - Summary

Provides that a plan may not be declared effective for conversion to cooperative or condominium ownership until written purchase agreements have been executed and delivered for at least twenty-five percent of all dwelling units in the building or group of buildings and written consent has been obtained from the bona fide tenants who were in occupancy of fifty-one percent of the dwelling units in the building or group of buildings or development on the date a letter was issued by the attorney general accepting the plan for filing.

2025-A5841 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5841
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 24, 2025
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Housing
 
 AN  ACT to amend the general business law, in relation to the conversion
   of certain real property to cooperative or  condominium  ownership  in
   the city of New York
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 of section 352-eeee  of  the
 general  business law, as amended by chapter 696 of the laws of 2022, is
 amended to read as follows:
   (b) "Non-eviction plan". A plan which may not  be  declared  effective
 until  written  purchase agreements have been executed and delivered for
 at least [fifty-one] TWENTY-FIVE percent of all dwelling  units  in  the
 building  or  group of buildings or development by bona fide tenants who
 were in occupancy on the date a letter was issued by the attorney gener-
 al accepting the plan for filing AND WRITTEN CONSENT HAVE BEEN  OBTAINED
 FROM THE BONA FIDE TENANTS WHO WERE IN OCCUPANCY OF FIFTY-ONE PERCENT OF
 THE  DWELLING UNITS IN THE BUILDING OR GROUP OF BUILDINGS OR DEVELOPMENT
 ON THE DATE A LETTER WAS ISSUED BY THE ATTORNEY  GENERAL  ACCEPTING  THE
 PLAN  FOR FILING; provided, however, that for a building containing five
 or fewer units, and where the sponsor of the offering  plan  offers  the
 unit  that  they  or  their  immediate family member has occupied for at
 least two years, the plan may not be effective  until  written  purchase
 agreements have been executed and delivered for at least fifteen percent
 of  all  dwelling  units  in  the  building  subscribed for by bona fide
 tenants in occupancy or bona fide purchasers  who  represent  that  they
 intend that they or one or more members of their immediate family occupy
 the  dwelling  unit when it becomes vacant. The purchase agreement shall
 be executed and delivered pursuant to an offering  made  in  good  faith
 without  fraud and discriminatory repurchase agreements or other discri-
 minatory inducements.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07834-01-5

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.