NY Gen Bus L § 352-EE (2021)
2021 New York Laws GBS - General Business Article 23-A - Fraudulent Practices in Respect to Stocks, Bonds and Other Securities 352-EE - Conversion of Non-Residential Property to Residential Cooperative or Condominium Ownership.

§  352-ee.  Conversion  of  non-residential  property  to  residential cooperative or condominium ownership.  1.  The  attorney  general  shall refuse  to  issue  a  letter  stating  that  the  offering  statement or prospectus  required  in  subdivision  one  of  section  three   hundred fifty-two-e  of this article has been filed whenever it appears that the offering statement or prospectus offers for sale residential cooperative apartments or condominium units located in a city of over one million in population pursuant to a plan for the alteration or  conversion  of  the building  to residential use under cooperative or condominium ownership, other than a plan relating to a  building  already  in  compliance  with section  three  hundred  one  of  the  multiple dwelling law, unless the offering statement or prospectus contains the following:  (i)  a  statement  that  a  copy  of  plans  for  such  alteration  or conversion,  approved  in  accordance  with section three hundred of the multiple dwelling law, has been submitted to the attorney general  prior to  the  issuance  by  the attorney general of a letter stating that the offering statement or prospectus has been filed;  (ii) a report prepared by an architect or  engineer  licensed  by  the state  which  sets  forth  such  alterations  to the public portions and common areas of the building and such alterations to  individual  spaces or  dwelling units as may be necessary to obtain a permanent certificate of occupancy for permanent residential use of the premises;  (iii) a statement, satisfactory to the attorney general,  that  it  is the   obligation   of  the  sponsor  to  complete  all  alterations  and improvements to the public portions and common areas of the building  in compliance  with  such  approved  plans within the time specified in the plan;  (iv) a statement, satisfactory to the attorney general, that it is the obligation of the sponsor to complete all alterations  and  improvements to  individual spaces or dwelling units in compliance with such approved plans within the time specified in the plan or, if the sponsor does  not undertake  such  obligation, that it is the obligation of the individual owners of shares in the cooperative corporation or of condominium units, under the supervision of the cooperative corporation or, in the case  of a  condominium,  under  the  supervision  of  the  board of managers, to complete such alterations and improvements within the time specified  in the plan; and  (v)  a statement that a permanent certificate of occupancy is required for  permanent  residential  use  of  the  premises,  that  a  temporary certificate  of  occupancy may only be renewed for a total period of two years from the date of its original issuance and that, if the  temporary certificate  of  occupancy  shall  have  expired  prior  to  obtaining a permanent  certificate  of  occupancy,  residential  occupancy  of   the premises  will  be in violation of the multiple dwelling law, subjecting the occupants and the cooperative corporation and its board of directors or, in the case of a condominium, the unit owners and board of managers, to penalties under the  multiple  dwelling  law  including  eviction  of residential occupants.   2.  "Residential  use"  shall  mean, for the purposes of this section, space to be used for either living or joint  living-work  and  shall  be presumed  if the offering statement or prospectus sets forth items which relate to residential use of the space, including but  not  limited  to, income  tax  benefits  under section two hundred sixteen of the internal revenue code,  real  property  tax  benefits  available  to  residential property  or  alterations  required  for  the  issuance  of  a permanent certificate of occupancy for permanent residential use of the premises.