Erica Buckley Ask the Former Regulator: Condo Conversions Under Amended Law for Small Buildings
In this article, Erica F. Buckley recaps the 2022 amendments to the Martin Act and how they may apply to a situation where a husband and wife are looking to convert their building into a condominium.
March 11, 2024 at 10:00 AM
6 minute read
Real Estate
Question: My wife and I jointly own a five-unit building in Manhattan, where we have resided for the last 20 years. We are looking to retire and move out of state in the future. Are we eligible to convert our building to condominium under the amended law for small buildings, and if so, do we have to sell our unit right away, or can we offer it for sale later?
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