NY A02619

Requires ground lease residential cooperatives to initiate dissolution within 10 days of lease expiration or termination, with residents automatically becoming tenants entitled to rent-stabilized leases under applicable housing protection laws

Permits cooperatives to encumber up to their entire interest in the ground lease unless expressly prohibited, with ground lease owners required to respond to encumbrance requests within 15 days and only able to refuse for reasonable cause

Grants cooperatives a right of first refusal to purchase the ground lease property when owners receive bona fide offers, with 60 days to express intent and 120 days total to submit a matching offer

Requires ground lease owners to notify both the cooperative and the Commissioner of Housing and Community Renewal of any sale offers, including price, terms, and the cooperative's purchase rights

Sets initial rent for deconverted units at the most recent legal regulated rent adjusted by applicable guideline increases, with the Division of Housing and Community Renewal determining rent if documentation is unavailable