Establishes rights for ground lease residential cooperative apartment buildings upon lease expiration.

This bill amends the real property law to establish rights for ground lease residential cooperative apartment buildings upon lease expiration. It mandates that upon lease expiration, the cooperative must initiate dissolution procedures. The bill also grants the cooperative the right to purchase the ground lease real property if the owner decides to sell. Additionally, it sets the initial rent for deconverted housing accommodations and outlines the process for the cooperative to exercise its purchase right.

Establishes rights for ground lease residential cooperative apartment buildings upon lease expiration.

This bill amends the real property law to establish rights for ground lease residential cooperative apartment buildings upon lease expiration. It mandates that upon lease expiration, the cooperative must initiate dissolution procedures. The bill also grants the cooperative the right to purchase the ground lease real property if the owner decides to sell. Additionally, it sets the initial rent for deconverted housing accommodations and outlines the process for the cooperative to exercise its purchase right.