New York A05841 amends the conversion process for real property to cooperative or condominium ownership.

New York A05841 amends the general business law to modify the conditions under which a conversion plan can be declared effective. Specifically, the bill stipulates that a conversion plan cannot be declared effective until written purchase agreements have been executed for at least twenty-five percent of all dwelling units in the building or group of buildings.

New York A05841 amends the conversion process for real property to cooperative or condominium ownership.

New York A05841 amends the general business law to modify the conditions under which a conversion plan can be declared effective. Specifically, the bill stipulates that a conversion plan cannot be declared effective until written purchase agreements have been executed for at least twenty-five percent of all dwelling units in the building or group of buildings.