NY S09721

Adds section 233-c to New York Real Property Law to govern residential ground lease cooperative apartment buildings.

Allows ground lease residential cooperatives to exercise renewal or extension options at any time prior to lease expiration, regardless of lease terms stating otherwise.

Defines key terms including "residential ground lease cooperative apartment building," "ground lease residential cooperative," and "subject ground lease owners" to establish scope of the law.

Exempts certain ground lease owners from the law, including federal, state, and local government entities, certain charities that acquired interests before January 1, 2024, and Indian nations or tribes.

Takes effect on the 90th day after becoming law and applies to all contracts issued, renewed, modified, altered or amended on or after that date.