New York S04910 amends the general business law to prevent the declaration of a conversion plan effective until certain conditions are met.

New York S04910 amends the general business law to establish conditions for the effectiveness of a conversion plan for real property to cooperative or condominium ownership. Specifically, the plan cannot be declared effective 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.

New York S04910 amends the general business law to prevent the declaration of a conversion plan effective until certain conditions are met.

New York S04910 amends the general business law to establish conditions for the effectiveness of a conversion plan for real property to cooperative or condominium ownership. Specifically, the plan cannot be declared effective 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.