New York Real Estate Salesperson ExaminationNew York State Specific Laws and RegulationsMedium
A landlord in New York City owns a 5-unit apartment building. They wish to convert the building into condominiums. Which of the following statements regarding the conversion process is TRUE under New York law?
- ATenants in occupancy at the time the conversion plan is filed generally have the right to purchase their units.
- BThe landlord can immediately evict any tenant who refuses to purchase their unit.
- CAll existing tenants must vacate the premises within 90 days of the conversion plan being filed.
- DThe conversion is automatically approved once the offering plan is submitted to the Attorney General.
Show answer & explanationAnswer & explanation
Correct answer: A. Tenants in occupancy at the time the conversion plan is filed generally have the right to purchase their units.
New York's Tenant Protection Act of 2019, among other regulations, provides significant protections for tenants in occupancy during a condominium conversion, including the right of first refusal to purchase their units.
Why the other options are wrong
- B. Eviction rules are highly regulated and tenants cannot be immediately evicted for refusing to purchase their unit.
- C. Tenants have significant protections and often extended occupancy rights, not a mandatory 90-day vacate clause.
- D. The offering plan must be reviewed and accepted by the Attorney General, not automatically approved upon submission.
NY Condo Conversion Tenant Rights
In New York, tenants in occupancy during a rental building's conversion to condominiums have significant protections, including the right of first refusal to purchase their unit.
- Applies to tenants in occupancy at filing time
- Grants right to purchase their existing unit
- Part of broader tenant protection laws
Memory trick: Converting to condos? Remember the 'Tenant's First Right,' like a VIP pass to buy their home.