New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 18 - OCCUPIED COOPERATIVES › Section 18.6 - 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.
(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.
(c) Any chart
				  or diagram used in a advertisement must be consistent with the offering plan.
				  Any room or floor plan must be to scale.
(d) No abbreviations shall be employed in
				  advertisement 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
				  maintenance charges shall be preceded by the word
projected
or
estimated
or abbreviations of those terms. In estimating
				  maintenance charges, there shall be no subtraction or representation of
				  specific dollar saving because of anticipated tax deductions.
(g) Advertisements of amenities or services
				  available at a fee charged in addition to the maintenance charge, 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) 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 apartments shall
				  state:
(1) Purchasers will assume all the
				  obligations of a landlord. These expenses are not included in maintenance
				  charges.
(2) The costs of owning
				  the apartment 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.