Establishes rights for ground lease residential cooperatives upon lease expiration.

The bill establishes rights for ground lease residential cooperatives when their leases expire. It mandates that cooperatives have the right to purchase the ground lease property if the owner intends to sell. Cooperatives must deliver an offer to purchase within 120 days of receiving notice from the owner. If the owner accepts a lower offer or changes terms, the cooperative has the right to purchase at the original terms. The bill also ensures that residents become tenants and receive rental leases if the cooperative deconverts.

Establishes rights for ground lease residential cooperatives upon lease expiration.

The bill establishes rights for ground lease residential cooperatives when their leases expire. It mandates that cooperatives have the right to purchase the ground lease property if the owner intends to sell. Cooperatives must deliver an offer to purchase within 120 days of receiving notice from the owner. If the owner accepts a lower offer or changes terms, the cooperative has the right to purchase at the original terms. The bill also ensures that residents become tenants and receive rental leases if the cooperative deconverts.