New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 23 - OCCUPIED CONDOMINIUMS › Section 23.6 - Advertisements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as
				  provided in subdivision (b) of this section, all advertising in print or other
				  media as well as circulars, flyers, cards, letters and other literature
				  employed to solicit interest (advertisement) for offering plans filed pursuant
				  to this Part shall contain the following statement in easily readable print
				  separated from the body of the advertisement or spoken in a distinctly audible
				  voice:
THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN
					 AVAILABLE FROM SPONSOR. FILE NO. CD-__
(b) Notwithstanding subdivision (a) of this
				  section, in all classified type advertisements not more than five inches long
				  and not more than one column of print wide, the following statement may be used
				  in lieu of the statement required in subdivision (a) of this section at the end
				  of the advertisement and separated from the body of the advertisement:
SEE OFFERING PLAN FOR FULL TERMS. FILE NO.
					 CD-__
(c) Any chart or
				  diagram used in an advertisement must be consistent with the offering plan. Any
				  room or floor plan must be to scale.
(d) No abbreviations shall be employed in
				  advertisements unless the meaning is unmistakably clear.
(e) All advertisements in connection with an
				  offering plan filed pursuant to this Part shall be consistent with the
				  representations and information required to be set forth by the General
				  Business Law and this Part. All assertions of fact in advertisements must be
				  provably true.
(f) Anticipated
				  common or other carrying charges shall be preceded by the word
projected
or
estimated
or abbreviations of
				  those terms. In estimating carrying charges, including real estate taxes and,
				  if applicable, individual unit mortgages, there shall be no subtraction or
				  representation of specific dollar saving because of anticipated tax deductions,
				  unless all assumptions are disclosed.
(g) Advertisements of amenities or services
				  available at a fee charged in addition to the common charges or in addition to
				  the purchase price must refer to the additional fee. Advertisements of
				  amenities or services that will not be available at closing must state the
				  approximate date of availability.
(h) An artist's rendering of a property in an
				  advertisement must be marked as an artist's rendering and must accurately and
				  realistically depict the dimensions, height and landscaping of the property and
				  surrounding roads, buildings and open space.
(i) Advertisements of financing offered or
				  procured by sponsor must include the term of the financing when the term is for
				  less than five years.
(j)
				  Advertisements directed to nontenant purchasers of occupied units shall state:
(1) Purchasers will assume all the
				  obligations of a landlord. These expenses are not included in common
				  charges.
(2) The costs of owning a
				  unit may exceed the rent.
(3) In
				  the case of a noneviction plan: This is a noneviction plan. Tenants may have
				  the right to remain in occupancy indefinitely.