NY A10467

Adds new section 233-c to the Real Property Law establishing definitions and protections for residential ground lease cooperative apartment buildings in New York State.

Allows ground lease residential cooperatives to exercise renewal or extension rights at any time prior to lease expiration, notwithstanding any other lease terms, if the lease authorizes renewal or extension at the cooperative's sole option.

Defines "ground lease residential cooperative" as New York corporations organized as housing development fund corporations, cooperative corporations, or cooperative housing corporations, or entities holding tenancy in common with such corporations.

Exempts certain government entities (federal, state, local governments and their agencies), charities that acquired interests before January 1, 2024, and Indian nations/tribes from the definition of "subject ground lease owners."

Takes effect 90 days after enactment and applies to all contracts issued, renewed, modified, altered, or amended on or after the effective date.