Cooperatives & Condominiums
A NY rental-to-co-op conversion plan requiring only 15% tenant-purchase agreement and protecting non-purchasing tenants as renters indefinitely.
A non-eviction conversion plan is the more common method for converting a NY rental building to a cooperative. To become effective, only 15% of the tenants in occupancy must agree to purchase. Tenants who do NOT buy can stay as RENTERS indefinitely (protected tenants), with rent regulation continuing to apply where applicable. The sponsor accepts that some tenants will remain renters. Most NY conversions today use non-eviction plans because the 15% threshold is achievable. The alternative — an eviction plan — requires 51% tenant-purchase agreement and ultimately allows eviction of non-purchasing tenants.
Exam Tip
15% threshold (vs. 51% for eviction plans). Non-purchasing tenants stay as renters indefinitely. The standard NY conversion method today.
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Co-ops & Condos
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