The greatest changes in cooperative and condominium law this past year did not come from the Legislature or from the courts but from the New York Attorney General’s office (NYAG). This article will review some of those changes and the most significant appellate cases affecting co-ops and condominiums.
Buyouts and Conversions
With respect to co-op and condominium conversions, NYAG’s Real Estate Finance Bureau (REFB) has focused its mission on (1) maintaining and protecting the rent-regulated system and free market tenants in buildings converting to co-op and condominium ownership and (2) increasing and maintaining the number of low and moderate income housing units. As a result, the REFB is shifting its focus away from protecting owners suffering from buying in poorly built newly constructed buildings.
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