* § 233-c. Residential ground lease cooperative apartment buildings.
1. Wherever used in this section:

(a) The term "residential ground lease cooperative apartment building"
means any and all buildings, improvements or other structures located in
the state of New York occupied, owned or leased in whole or in part by a
ground lease residential cooperative, or any subsidiary or affiliate
thereof, pursuant to a subject residential cooperative ground lease.

(b) The term "ground lease residential cooperative" means any New York
corporation organized or operating as a housing development fund
corporation, New York cooperative corporation or cooperative housing
corporation, including any entity meeting the definition thereof for
federal income tax purposes, or any person or entity that is a tenant in
common, co-tenant or joint owner with any such corporation, or which is,
directly or indirectly through a subsidiary or affiliate thereof, a
party to a subject residential cooperative ground lease.

(c) The term "subject residential cooperative ground lease" means the
lease agreement, together with any amendments or other related
agreements including any forbearance, settlement, tenancy in common or
other similar agreements related thereto, pursuant to which a ground
lease residential cooperative leases, occupies or otherwise uses for
residential, commercial, or other ancillary purposes the ground lease
real property from one or more subject ground lease owners.

(d) The term "ground lease real property" means all real property,
including improvements thereon, all or any portion of which is leased,
rented, licensed or otherwise provided for use to a ground lease
residential cooperative pursuant to a subject residential cooperative
ground lease, including any portion thereof that may be subleased or
otherwise used for ancillary retail, parking, or commercial purposes.

(e) The term "subject ground lease owners" means any and all persons
or entities, whether natural persons, estates, trusts, corporations,
partnerships or other entities, other than any excepted ground lease
owner, that holds title to or is the owner, whether by the entirety, as
tenants in common or otherwise, of ground lease real property or is
otherwise the landlord under any subject residential cooperative ground
lease.

(f) The term "excepted ground lease owner" means (i) the United States
federal government, the state of New York, the city of New York, and any
agency, municipality or political subdivision of any of the foregoing
thereof, any entity owned or controlled by any of the foregoing,
including but not limited to, the Battery Park city authority, the
Roosevelt Island Operating Corporation, the Queens West Development
Corporation, the Brooklyn Bridge Park Development Corporation, the New
York City Educational Construction Fund, and the New York City Housing
Authority, (ii) any charity approved under section 501(c) of the
internal revenue code which acquired its interest as the owner or
landlord of a ground lease real property prior to January first, two
thousand twenty-four, and (iii) any Indian nation, tribe or band as such
lands are described under and protected by the Indian law or title
twenty-five of the United States Code, but shall exclude any private
foundation within the meaning of section five hundred nine of the
internal revenue code.

2. Notwithstanding any term of a subject residential cooperative
ground lease to the contrary, if a subject residential cooperative
ground lease authorizes the ground lease residential cooperative to
renew or extend its lease at the sole option of the ground lease
residential cooperative, then the ground lease residential cooperative
may exercise such right to renew or extend at any time prior to the
expiration of the subject residential cooperative ground lease in
accordance with all other terms thereof.

* NB Effective December 26, 2024