reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 16 - REAL ESTATE SYNDICATION OFFERINGS › Section 16.3 - Advertising

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All advertising
				  in connection with an offering made by prospectus under the New York Real
				  Estate Syndicate Act shall contain the following statement in easily readable
				  print:
This advertisement is not an offering. No offering is made
					 except by a prospectus filed with the Department of Law of the State of New
					 York. The Attorney-General of the State of New York has not passed on or
					 endorsed the merits of this offering.
(b) The statement required under the
				  foregoing subdivision shall similarly be contained on the cover page of all
				  circulars, flyers, cards, letters and other literature employed in connection
				  with soliciting interest in the offering; except that a single page letter of
				  transmittal actually accompanying a prospectus duly filed with the Department
				  of Law need not contain such statement, if included therein it is accurately
				  stated that the prospectus is transmitted herewith.
(c) No abbreviations shall be employed in
				  connection with any such advertising, unless the meaning is unmistakably
				  clear.
(d) No advertisement in any
				  newspaper, magazine, periodical or other media shall contain any reference to a
				  specific rate of distribution.
(e)
				  Advertisements in newspapers, magazines or other periodicals shall be
				  considered consistent with the prospectus if in the following form:
(1) name of offering; amount of offering;
				  price per unit;
(2) if applicable,
				  whether fee or leasehold or other interest being offered;
(3) name and address of distributor;
				  and
(4) the legend required above
				  for advertisements.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 16 - REAL ESTATE SYNDICATION OFFERINGS › Section 16.6 - Real estate investment trusts, real estate mutual funds, general real estate investment funds

Current through Register Vol. 46, No. 28, July 10, 2024
All of these regulations shall be binding on the aforesaid,
					 insofar as applicable to such offerings.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 16 - REAL ESTATE SYNDICATION OFFERINGS › Section 16.7 - Annual reports

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Within four months after the close of the fiscal year of all firms which have
				  made or were required to make filings under section 352-e  of the General Business Law there
				  shall be filed with the Condominium, Theatre and Syndication Financing Bureau
				  of the Department of Law two copies of form AR-1. Attached to such form should
				  be a statement prepared by an independent public accountant setting forth in
				  detail the amounts and sources of all distributions from each of the following,
				  with details thereof:
(1) borrowed monies
				  (secured or unsecured);
(2) loans
				  or additional contributions from officers or partners or other principals or
				  agents thereof;
(3) proceeds from
				  the sale, transfer, option, exchange or other disposition (including
				  involuntary conversion and insurance proceeds) of property or other assets,
				  contracts, etc. (including monies received as deposit on contracts, returnable
				  and unreturnable). In the determination of such "proceeds", deferred payments
				  and purchase money mortgages should be treated on the basis of accepted
				  installment accounting principles;
(4) funds generated from operations, which
				  funds should be defined to include net income as ascertained through the use of
				  standard accounting practices adjusted so that depreciation allowances are not
				  treated as an expense and payment of principal due on debt is deducted.
				  However, in the case of motels, hotels, nursing homes, furnished apartment
				  houses, and similar properties, personalty recurrently acquired for use in
				  connection with real property should be deducted as an expense;
(5) other sources (giving details).
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 16 - REAL ESTATE SYNDICATION OFFERINGS › Section 16.8 - Other provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				  the case of limited partnership syndications within the terms of section 352-e  of the General Business Law, a
				  letter permitting the filing of the offering to be issued by the
				  Attorney-General may be conditioned upon the general partner or other
				  principals filing within 20 days of the closing of title, a certified copy of
				  the original and amended limited partnership certificate as filed with the
				  office of the appropriate county clerk; and that in the event there is any
				  "warehousing" or other pledging or collateral agreement involving unsold unit
				  or units owned by the promoters that full disclosure thereof shall be made
				  immediately to the Attorney-General and to investors to afford full and fair
				  disclosure. If such financing may materially change or affect the offering, an
				  offer of restitution shall be made to all prior subscribers or purchasers
				  within 10 days prior to the closing of title.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 16 - REAL ESTATE SYNDICATION OFFERINGS › Section 16.10 - Review by residents of proposed submission of an offering plan to convert residential premises to cooperative or condominium ownership

Current through Register Vol. 46, No. 28, July 10, 2024
(General Business Law, §
										352-e [2-a])
(a)
Definitions.
(1)
Review
shall mean
				  inspection, examination, reading or perusal.
(2)
Proposed submission
shall mean the initial proposed offering plan which shall include an affidavit
				  of no excessive long term vacancies.
(3)
Resident
shall mean
				  occupant, tenant, subtenant of each of the apartments in the affected premises
				  or their attorneys.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 16 - REAL ESTATE SYNDICATION OFFERINGS › Section 16.12 - Exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Upon written
				  application sworn to by a general partner, trustee, officer or other principal
				  of the issuer, the Department of Law may, in its discretion, by ruling exempt
				  an offering from any provision of this Part or from the provisions of section 352-e, 352-f or
				  359-e  of the General Business Law where it
				  is found that enforcement of such provisions is not necessary to protect the
				  investing public or to effectuate the purposes of the General Business Law. The
				  fees imposed by the General Business Law must be paid to obtain exemptions
				  under this section.
(b)
				  Applications for exemptions pursuant to this section shall comply as to form
				  and content with exemption instructions issued by the Department of Law and
				  available at its offices at:
New York State Department of Law, Real Estate Finance
					 Bureau, 28 Liberty Street, New York, NY 10005, Telephone No. (212)
					 416-8122.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 17 - COOPERATIVE APARTMENT OFFERINGS › Section 17.1 - General provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  This Part shall be applicable to offering statements and "offering plans"
				  required by section 352-e  of the General Business Law (G.B.L.)
				  for cooperatives, other than offering plans for the conversion of buildings
				  occupied in whole or in part for residential purposes which shall be subject to
				  Part 18 of this Subchapter and other than offering plans for vacant buildings
				  which are subject to Part 21 of this Subchapter. The offering statement or
				  "offering plan" required by section 352-e  of the General Business Law (G.B.L.)
				  shall be submitted in bound booklet form to the New York State Department of
				  Law, Real Estate Finance Bureau, 28 Liberty Street, New York, NY 10005. The
				  offering plan may be submitted for filing (hereinafter sometimes referred to as
				  "final filing") or submitted pursuant to the optional prefiling procedure
				  described in section
				  17.3  of this Part. All offering
				  plans submitted to the Department of Law shall be deemed submitted pursuant to
				  the optional prefiling procedure described in section
				  17.3  of this Part unless the
				  sponsor or the attorney for the sponsor specifically notifies the Department of
				  Law in writing concurrently with such submission of the sponsor's election to
				  submit for final filing.
(b) An
				  offering plan must, at a minimum:
(1) contain
				  in detail the terms of the transaction and be complete, current and
				  accurate;
(2) afford potential
				  investors, purchasers and participants an adequate basis upon which to found
				  their judgment;
(3) not omit any
				  material fact;
(4) not contain any
				  untrue statement of a material fact;
(5) not contain any fraud, deception,
				  concealment, suppression, false pretense or fictitious or pretended purchase or
				  sale;
(6) not contain any promise
				  or representation as to the future which is beyond reasonable expectation or
				  unwarranted by existing circumstances; and
(7) not contain any representation or
				  statement which is false, where the sponsor or the person who made such
				  representation or statement:
(i) knew the
				  truth;
(ii) with reasonable effort
				  could have known the truth;
(iii)
				  made no reasonable effort to ascertain the truth; or
(iv) did not have knowledge concerning the
				  representation or statement made.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 17 - COOPERATIVE APARTMENT OFFERINGS › Section 17.2 - Contents of offering plan

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Cover.
(1) The lower portion of
				  the outside front cover of every offering plan shall contain the following
				  statement in capital letters printed in boldface roman type of at least
				  10-point modern type and at least two points leaded:
THIS OFFERING PLAN IS THE SPONSOR's ENTIRE OFFER TO SELL
					 THESE COOPERATIVE APARTMENTS. NEW YORK LAW REQUIRES THE SPONSOR TO DISCLOSE ALL
					 MATERIAL INFORMATION CONCERNING THE COOPERATIVE APARTMENTS IN THIS PLAN AND TO
					 FILE THIS PLAN WITH THE NEW YORK STATE DEPARTMENT OF LAW PRIOR TO SELLING OR
					 OFFERING TO SELL ANY APARTMENT. FILING WITH THE DEPARTMENT OF LAW DOES NOT MEAN
					 THAT THE DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY HAS APPROVED THIS
					 OFFERING.
(2) There shall
				  be set forth on the outside front cover page of every plan of cooperative
				  organization the following information:
(i)
				  the amount of money to be raised if all apartments are sold;
(ii) the name and address of the cooperative
				  corporation (which shall not be a general name for several co-ops, but the
				  specific name of the corporation whose stock is being offered);
(iii) the approximate date of the proposed
				  first offer to the public. The term of the initial offer is 12 months,
				  commencing on the filing date indicated in the letter from the Department of
				  Law;
(iv) a listing of the names
				  and addresses of the actual promoters (whether they be builders, general
				  contractors, landowners, etc.), which shall include dummy corporations only at
				  the bottom of such listing (unless such listing is included on the face of the
				  first inside leaf); and
(v) the
				  names and addresses of the selling agents.
(3) On the inside front cover, or the next
				  immediate page, there shall be printed a table of contents.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 17 - COOPERATIVE APARTMENT OFFERINGS › Section 17.4 - Advertising

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All advertising
				  in connection with offerings made by cooperative apartments shall contain the
				  following statement in easy readable print, except as provided herein:
"This advertisement is not an offering. No offering is made
					 except by a prospectus filed with the Department of Law of the State of New
					 York. Such filing does not constitute approval of the issue or the sale thereof
					 by the Department of Law or the Attorney General of the State of New
					 York."
(b) The statement
				  required under the foregoing subdivision shall similarly be contained on the
				  cover page of all circulars, flyers, cards, letters and other literature
				  employed in connection with soliciting interests in the offering, except that a
				  single page letter of transmittal actually accompanying an offering plan duly
				  filed with the Department of Law need not contain such a statement. A
				  subscription form need not contain such a statement, if included therein there
				  is an acknowledgement of a prior receipt of such an offering plan.
(c) Irrespective of 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:
"THIS OFFERING IS MADE BY PROSPECTUS ONLY."
(d) All advertisements may be
				  submitted for comment to the Condominium Theatre and Syndication Financing
				  Bureau of the Department of Law, 28 Liberty Street, New York, NY 10005, at
				  least 48 hours before publication.
(e) No room plan, chart or diagram may be
				  used in connection with the offer or sale of any cooperative unit unless such
				  document has been filed as part of the plan of cooperative
				  organization.
(f) No advertisement
				  shall include any representation or statement not covered in and consistent
				  with the offering plan on file with the Department of Law of the State of New
				  York. Monthly maintenance charges shall be preceded by the word "estimated"
				  where only an anticipation; and there shall be no subtraction or representation
				  of specific dollar or percentage savings because of anticipated tax
				  deductions.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 17 - COOPERATIVE APARTMENT OFFERINGS › Section 17.5 - Amendments

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
Documents to supplement or amend an offering
					 plan-collectively,
amendment
(
s
)-shall be
					 deemed part of the offering plan and shall meet the following
					 requirements:
(1) If the offering plan
				  does not comply with section
				  17.1(b)  of this
				  Part due to change of events, the passage of time or any other reason, the
				  offering plan must be amended promptly.
(2) An amendment must include a
				  representation that all material changes of facts or circumstances affecting
				  the property or the offering are included, unless the changes were described in
				  prior amendment(s) submitted to but not yet filed with the Department of
				  Law.
(3) Except as otherwise
				  provided, an amendment to an offering plan shall be filed on the date indicated
				  in the letter issued by the Department of Law stating that the amendment has
				  been filed, and not sooner.
(4)
				  Amendments that have been filed with Department of Law must be attached to the
				  inside front cover of the offering plan before the amended plan is distributed
				  to the public. The cover of the offering plan must be stamped: "This plan has
				  been amended. See inside cover." Any revisions, additions or deletions of
				  specific language in the offering plan should reprint a sufficient portion of
				  the paragraph from the offering plan, as revised, so that the revised portion
				  of the offering plan may be understood easily. An offering plan that has been
				  amended extensively may be rewritten to incorporate the amendments into the
				  body of the plan.
(5) Amendments
				  must be served on offerees in accordance with section
				  17.1(f)  of this
				  Part.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 17 - COOPERATIVE APARTMENT OFFERINGS › Section 17.6 - Review by residents of proposed submission of offering plan to convert residential premises to cooperative or condominium ownership

Current through Register Vol. 46, No. 28, July 10, 2024
(General Business Law, §
										352-e [2-a])
(a)
Definitions.
(1)
Review
shall mean
				  inspection, examination, reading or perusal.
(2)
Proposed submission
shall mean the initial proposed offering plan which shall include an affidavit
				  of no excessive long-term vacancies.
(3)
Resident
shall mean
				  occupant, tenant, subtenant of each of the apartments in the affected premises
				  or their attorneys.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 17 - COOPERATIVE APARTMENT OFFERINGS › Section 17.8 - Determinations of elections by eligible senior citizens, eligible handicapped persons and eligible disabled persons

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Election.
A nonpurchasing tenant may elect not to purchase as an
					 eligible senior citizen or eligible disabled person as defined in General
					 Business Law section
					 352-e eee or as an eligible handicapped
					 person as defined in General Business Law section
					 352-e ee within 60 days from the
					 presentation date by completing the applicable form, SH-1, SH-2 or SH-3
					 prescribed by the Department of Law and included in the offering plan
					 immediately preceding the introduction page, signing the election form and
					 having the signature notarized and personally delivering it to the named
					 sponsor or agent at a location specified by the sponsor in the plan or by
					 mailing it by certified or registered mail, return receipt requested to the
					 named sponsor or agent at an address specified by the sponsor in the
					 plan.
(1) An election form is timely
				  if it is personally delivered or postmarked before midnight of the 60th day
				  after the presentation date subject to statutory rules of
				  construction.
(2) The sponsor or
				  agent shall acknowledge receipt of the election form and promptly return an
				  acknowledged copy to the nonpurchasing tenant.
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 18.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Applicability.
The offering statement or "offering plan" required by
					 section 352-e  of the General Business Law
					 ("G.B.L.") for a cooperative that meets the requirements set forth below is
					 subject to this Part. Except as provided in paragraph (4) of this subdivision,
					 offerings subject to this Part are not subject to any other Part.
(1) One or more individuals reside in the
				  building on the date the proposed offering plan is submitted to the Department
				  of Law.
(2) The cooperative is not
				  organized as a time-sharing arrangement.
(3) One or more of the cooperative units to
				  be offered are used for residential purposes or for combined residential/home
				  occupation purposes. A cooperative offering for commercial use only is not
				  subject to this Part.
(4) The
				  conversion of an occupied building to two or more condominium units and the
				  conversion of one or more of the condominium units to an apartment corporation
				  ("condo-coop") is primarily subject to this Part. In addition, the offering
				  plan must comply with the requirements of Part 19 of this Subchapter to the
				  extent necessary to comply with subdivision (b) of this section.
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 18.4 - Transmittal letter and certifications

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Transmittal letter.
A transmittal letter addressed to the Department of Law
					 that is signed and affirmed by the attorney who prepared the offering plan and
					 containing the following unqualified statements, be submitted with the plan and
					 exhibits:
(1) at the time the plan is
				  first submitted for filing; and
(2)
				  immediately prior to its acceptance for filing:
I/We am/are the attorney(s) who prepared the cooperative
					 offering plan for the captioned property. I/We affirm as follows: Enclosed for
					 filing pursuant to 13 NYCRR Part 18,
Occupied Cooperatives,
are copies of the offering plan together with the exhibits.
I/We am/are fully familiar with the provisions of article
					 23-A of the General Business Law and the regulations promulgated by the
					 Department of Law in Part 18.
I/We prepared the attached offering plan and exhibits based
					 on information from the sponsor. I/We have read all the printed copy submitted
					 to the Department of Law, but expressly disclaim any responsibility to have
					 made an independent inspection of the building(s) or property or investigation
					 of the information furnished to me/us by sponsor. I/We have no actual knowledge
					 of a violation of article 23-A of the General Business Law or Part 18 of the
					 regulations promulgated by the Department of Law, nor do I/we have actual
					 knowledge of any material fact omitted or any untrue statement of a material
					 fact included in the offering plan.
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 18.7 - Description of property and building condition

Current through Register Vol. 46, No. 28, July 10, 2024
Each offering plan submitted pursuant to this Part must
					 include a comprehensive narrative description of the building(s) and property
					 included in the project. Emphasis should be on present condition of premises
					 including deficiencies probably unknown to occupants, rather than description
					 of material make-up visually obvious to each resident. The inspection of the
					 property upon which the description is based must have taken place within 180
					 days prior to submission of the offering plan to the Department of Law. The
					 Department of Law may in its discretion require a further inspection and
					 report. The condition of all systems and materials must be fully described.
					 Such report(s) shall disclose all defective conditions apparent upon
					 inspection, and shall note any defective condition which is hazardous or which
					 requires immediate repair to prevent further deterioration. Identify and
					 describe all applicable items in the order listed below. Where an item is not
					 specifically identifiable, it may be generally described,
e.g.,
"two rows of deciduous trees" rather than "12 poplar and
					 12 maple trees in two lines." Where an item is not identifiable at all, a
					 reason must be presented substantiating its unavailability.
(a)
Location and use of
				  property.
State whether this property and proposed use will comply
					 with all zoning and use requirements at closing. Include in discussion:
(1) address;
(2) block and lot number;
(3) zoning; and
(4) permissible use.
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 18.8 - Eligible senior citizens and eligible disabled persons

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Election.
A tenant may elect not to purchase as an eligible senior
					 citizen or eligible disabled person as defined in G.B.L., section 352-e(2-a) or
					 352-eeee, or as an eligible disabled person as defined in G.B.L., section
					 352-eee, within 60 days from the presentation date by completing the applicable
					 form, SH-1 or SH-2, prescribed by the Department of Law and included in the
					 offering plan immediately preceding the introduction page, signing the election
					 form and having the signature notarized, and personally delivering it to the
					 named sponsor or selling agent at a location specified by the sponsor in the
					 plan or by mailing it by certified or registered mail, return receipt
					 requested, to the named sponsor or selling agent at an address specified by the
					 sponsor in the plan. G.B.L., section 352-eee does not require that a tenant
					 file an election form in order to qualify as an eligible senior citizen.
					 However, it is advised and requested that a tenant, who believes he or she is
					 or will become an eligible senior citizen within 12 months from the date the
					 plan is filed, complete the election form SH-5 promulgated by the Department of
					 Law and included in the plan. This senior citizen election form should be
					 completed, signed, notarized and returned to the sponsor within 60 days of
					 presentation of the offering plan. In the event that the plan becomes subject
					 to G.B.L., section 352-e(2-a) after the plan was accepted for filing, the plan
					 must be amended immediately after the statute becomes applicable to such
					 offering, and such election may be made within 60 days of presentation of such
					 amendment.
(1) An SH-1 or SH-2
				  election form is timely if it is personally delivered or postmarked before
				  midnight of the 60th day after the presentation date, subject to statutory
				  rules of construction. An SH-5 election form may be delivered at any
				  time.
(2) The sponsor or selling
				  agent shall acknowledge receipt of the election form and promptly return an
				  acknowledged copy to the nonpurchasing tenant.
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 18.9 - Issuance of no-action letter

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Applicability.
Upon application made in accordance with the requirements
					 of this section, the Department of Law may, in its discretion, issue a
					 "no-action letter" stating that it will not take any enforcement action because
					 the transaction described in the application occurs without the filing of an
					 offering plan in compliance with section 352-e of the G.B.L.
(1) A no-action letter may be issued where
				  the Department of Law determines that:
(i) the
				  relationship between the offeror(s) and all the offerees is of such a nature
				  that the offerees do not require the protection of an offering plan;
(ii) the relationship between all offerees
				  and the cooperative interests being offered is such that all the offerees are
				  aware of the condition of the property which is the subject of the offering;
				  or
(iii) the filing of an offering
				  plan pursuant to G.B.L., section 352-e, is not necessary to effectuate the
				  purpose of G.B.L., article 23-A, or to protect the public interest.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 19 - CONDOMINIUM OFFERINGS › Section 19.1 - General provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Chapter 82 of the Laws of 1964, as amended, when referred to in this Part and
				  in all regulations issued by the Attorney General, shall be referred to as the
				  New York Condominium Act.
(b) This
				  Part shall be applicable to offering statements and "offering plans" required
				  by section 352-e  of the General Business Law (G.B.L.)
				  for condominiums, other than offering plans for new or vacant buildings which
				  are subject to Part 20 of this Subchapter. The offering statement or "offering
				  plan" required by section 352-e  of the General Business Law (G.B.L.)
				  shall be submitted in bound booklet form to the Real Estate Financing Bureau,
				  Department of Law, 28 Liberty Street, New York, NY 10005. The offering plan may
				  be submitted for filing (hereinafter sometimes referred to as "final filing")
				  or submitted pursuant to the optional prefiling procedure described in section
				  19.3  of this Part. All offering
				  plans submitted to the Department of Law shall be deemed submitted pursuant to
				  the optional prefiling procedure described in section
				  19.3  of this Part unless the
				  sponsor or the attorney for the sponsor specifically notifies the Department of
				  Law in writing concurrently with such submission of the sponsor's election to
				  submit for final filing.
(c) An
				  offering plan must, at a minimum:
(1) contain
				  in detail the terms of the transaction and be complete, current and
				  accurate;
(2) afford potential
				  investors, purchasers and participants an adequate basis upon which to found
				  their judgment;
(3) not omit any
				  material fact;
(4) not contain any
				  untrue statement of a material fact;
(5) not contain any fraud, deception,
				  concealment, suppression, false pretense or fictitious or pretended purchase or
				  sale;
(6) not contain any promise
				  or representation as to the future which is beyond reasonable expectation or
				  unwarranted by existing circumstances;
(7) not contain any representation or
				  statement which is false, where the sponsor or the person who made such
				  representation or statement:
(i) knew the
				  truth;
(ii) with reasonable effort
				  could have known the truth;
(iii)
				  made no reasonable effort to ascertain the truth; or
(iv) did not have knowledge concerning the
				  representation or statement made.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 19 - CONDOMINIUM OFFERINGS › Section 19.4 - Advertising

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All advertising
				  in connection with the offering of condominium interests shall contain the
				  following statement running along the entire width of the advertisement, in
				  easily readable print: This advertisement is not an offering, which can be made
				  only by a formal prospectus.
(b)
				  The statement required under the foregoing subdivision shall similarly be
				  contained on the cover page of all circulars, flyers, cards, letters and other
				  literature employed in connection with soliciting interest in the offering;
				  except that a single page letter of transmittal actually accompanying a
				  prospectus duly filed with the Department of Law need not contain such
				  statement, if included therein it is accurately stated that the prospectus is
				  transmitted herewith.
(c) No
				  abbreviations shall be employed in connection with any such advertising, unless
				  the meaning is unmistakably clear.
(d) Irrespective of the provisions of this
				  section, the following statement may be used in all classified advertisements
				  not more than five inches long and not more than one column of print wide:
NO OFFERING IS MADE EXCEPT BY
					 PROSPECTUS.
(e) No
				  floor plan, chart or diagram may be used in the offering of condominium
				  interests unless such plan has been filed with the Department of Law as part of
				  a plan of condominium offering.
(f)
				  No advertisement shall include any representation or statement not set forth in
				  the offering plan filed with the Department of Law of the State of New York, or
				  inconsistent therewith. Every statement regarding common and other charges and
				  expenditures by purchasers shall be preceded by the word
estimated
and there shall be no representation of specific
				  dollar or percentage savings because of anticipated income tax deductions
				  resulting from expenditures.
(g)
				  Mere advertising material employed subsequent to the initial filing need not be
				  filed, but shall be consistent with offering literature filed, for amendments
				  thereto.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 19 - CONDOMINIUM OFFERINGS › Section 19.5 - Amendments

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
Documents to supplement or amend an offering
					 plan-collectively,
amendment(s)
-shall be deemed part of the
					 offering plan and shall meet the following requirements:
(1) If the offering plan does not comply with
				  section 19.1(c)  of this
				  Part due to change of events, the passage of time or any other reason, the
				  offering plan must be amended promptly.
(2) An amendment must include a
				  representation that all material changes of facts or circumstances affecting
				  the property or the offering are included, unless the changes were described in
				  prior amendment(s) submitted to but not yet filed with the Department of
				  Law.
(3) Except as otherwise
				  provided, an amendment to an offering plan shall be filed on the date indicated
				  in the letter issued by the Department of Law stating that the amendment has
				  been filed, and not sooner.
(4)
				  Amendments that have been filed with the Department of Law must be attached to
				  the inside front cover of the offering plan before the amended plan is
				  distributed to the public. The cover of the offering plan must be stamped:
				  "This plan has been amended. See inside cover." Any revisions, additions or
				  deletions of specific language in the offering plan should reprint a sufficient
				  portion of the paragraph from the offering plan, as revised, so that the
				  revised portion of the offering plan may be understood easily. An offering plan
				  that has been amended extensively may be rewritten to incorporate the
				  amendments into the body of the plan.
(5) Amendments must be served on offerees in
				  accordance with section
				  19.1(g)  of this
				  Part.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 20 - NEWLY CONSTRUCTED, VACANT OR NON-RESIDENTIAL CONDOMINIUMS › Section 20.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Applicability.
The offering statement or "offering plan" required by
					 section 352-e  of the General Business Law ("GBL")
					 for a condominium that meets the requirements set forth below is subject to
					 this Part, newly constructed, vacant or non-residential condominiums. Except as
					 provided in paragraphs (4) and (5) of this subdivision, offerings subject to
					 this Part are not subject to any other Part.
(1) The building is completely vacant of
				  individuals residing in the building or entitled to residential occupancy on
				  the date the proposed offering plan is submitted to the Department of Law or
				  the building is to be newly constructed. In the case of a newly constructed
				  out-of-state condominium, the building may be partially occupied by
				  out-of-state purchasers.
(2) The
				  condominium is not organized as a time-sharing arrangement.
(3) A condominium offering for vacant or
				  occupied commercial or professional use only is subject to this Part, newly
				  constructed, vacant or non-residential condominiums. In the case of a mixed use
				  building the residential units must be completely vacant of individuals
				  residing in the building or entitled to residential occupancy on the date the
				  proposed offering plan is submitted to the Department of Law.
(4) The conversion of a newly constructed,
				  vacant or non-residential building to two or more condominium units along with
				  the conversion of one or more of the condominium units to a cooperative
				  apartment corporation ("condo-coop") is also subject to Part 21 of this Title,
				  newly constructed, vacant or non-residential cooperatives.
(5) If membership in a homeowners association
				  or similar entity is included or is to be sold in conjunction with the offering
				  of condominium units, the offering plan must also comply with the requirements
				  of Part 22 of this Title, homeowners associations.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 20 - NEWLY CONSTRUCTED, VACANT OR NON-RESIDENTIAL CONDOMINIUMS › Section 20.3 - Format and content

Current through Register Vol. 46, No. 28, July 10, 2024
Plans subject to this Part must comply with the format and minimum disclosure requirements set forth herein in addition to the requirements of provisions of article 23-A of the General Business Law and article 9B of the Real Property Law or the laws regulating condominiums in the State where the property is located.
(a)
Cover.
The outside front cover of the offering plan shall contain the following information in the following order:
(1) The title in bold-face type: CONDOMINIUM OFFERING PLAN or COMMERCIAL CONDOMINIUM OFFERING PLAN, whichever is applicable, followed by the name of the condominium and the address of the property, including the county.
(2) The total amount of the offering, which shall be based on the aggregate price at which the units are initially offered. State the number of units being offered. If the number of units being offered is not firm on the date of submission of the offering, state the maximum number of units and the minimum number of units or square footage of units that the sponsor is committed to offering. Indicate if certain units are not being offered for sale.
(3) The amount of the working capital fund and/or reserve fund, if any, to be provided by the sponsor.
(4) The name and principal business address of the sponsor and the selling agent. Telephone numbers may also be included. The address of the sponsor must not be in care of sponsor's attorney, nor may it be a post office box.
(5) The statement: "Date of Acceptance for Filing," which shall be the date the Department of Law files the plan. The term of the initial offer is 12 months commencing on the date of the letter from the Department of Law stating that the plan is filed. The term may be extended by an amendment to the offering plan. The date of the plan should be left blank when:
(i) the proposed plan is first submitted to the Department of Law; and
(ii) when the final plan is submitted to the Department of Law.
(6) If the plan contains a special risk section, the statement: "SEE PAGE __ FOR SPECIAL RISKS TO PURCHASERS" must be printed apart from other print and be in capital letters, in bold-face roman type at least eight-point modern type and at least two points leaded.
(7) The following statement in capital letters printed in bold-face roman type at least as large as eight-point modern type and at least two points leaded must be included on the cover of all plans filed with the Department of Law:
THIS OFFERING PLAN IS THE ENTIRE OFFER TO SELL THESE CONDOMINIUM UNITS. NEW YORK LAW REQUIRES THE SPONSOR TO DISCLOSE ALL MATERIAL INFORMATION IN THIS PLAN AND TO FILE THIS PLAN WITH THE NEW YORK STATE DEPARTMENT OF LAW PRIOR TO SELLING OR OFFERING TO SELL ANY CONDOMINIUM UNIT. FILING WITH THE DEPARTMENT OF LAW DOES NOT MEAN THAT THE DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY HAS APPROVED THIS OFFERING.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 20 - NEWLY CONSTRUCTED, VACANT OR NON-RESIDENTIAL CONDOMINIUMS › Section 20.4 - Transmittal letter and certifications

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Transmittal letter.
A transmittal letter addressed to the Department of Law
					 that is signed and affirmed by the individual attorney who prepared the
					 offering plan, and containing the following unqualified statements must be
					 submitted with the plan and exhibits:
(1) at the time the plan is submitted for
				  filing; and
(2) immediately prior
				  to its acceptance for filing:
"I am the attorney who prepared the condominium offering
					 plan for the captioned property. I affirm as follows:
Enclosed for filing pursuant to Part 20, Newly Constructed,
					 Vacant or Non-Residential Condominiums are copies of the offering plan together
					 with the Exhibits.
I am fully familiar with the provisions of Article 23-A of
					 the General Business Law and the regulations promulgated by the Department of
					 Law in Part 20.
I prepared the attached offering plan and Exhibits based on
					 information from the sponsor. I have read all the printed copy submitted to the
					 Department of Law but expressly disclaim any responsibility to have made an
					 independent inspection of the building(s) or property or investigation of the
					 information furnished to me by sponsor.
I have no actual knowledge of any violation of Article 23-A
					 of the General Business Law or Part 20 of the regulations promulgated by the
					 Department of Law, nor do I have actual knowledge of any material fact omitted
					 or any untrue statement of any material fact included in the offering
					 plan."
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 20 - NEWLY CONSTRUCTED, VACANT OR NON-RESIDENTIAL CONDOMINIUMS › Section 20.6 - 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
				  demonstrably 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.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 20 - NEWLY CONSTRUCTED, VACANT OR NON-RESIDENTIAL CONDOMINIUMS › Section 20.7 - Description of property and specifications or building condition

Current through Register Vol. 46, No. 28, July 10, 2024
Each offering plan submitted pursuant to this Part must
					 include a comprehensive narrative description of the building(s) and property
					 included in the project. For newly constructed buildings, the condition of all
					 items is presumed to be new and need not be stated; if the condition is other
					 than new, so state. For existing buildings, emphasis should be on present
					 condition of premises including deficiencies probably unknown to commercial
					 occupants, rather than the description of material make-up visually obvious.
					 The inspection of the property upon which the description is based must have
					 taken place within 180 days prior to submission of the offering plan to the
					 Department of Law. The Department of Law may in its discretion require a
					 further inspection and report. For existing buildings, the condition of all
					 systems and materials must be fully described. Such report(s) shall disclose
					 all defective conditions apparent upon inspection, and shall note any defective
					 condition which is hazardous or which requires immediate repair to prevent
					 further deterioration. Identify and describe all applicable items in the order
					 listed below. Where an item is not specifically identifiable it may be
					 generally described,
e.g.,
"two rows of deciduous trees" rather
					 than "12 poplar and 12 maple trees in two lines". Where an item is not
					 identifiable at all, a reason must be presented substantiating its
					 unavailability.
(a)
Location and
				  use of property.
State whether this property and proposed use will comply
					 with all zoning and use requirements at closing. Include in discussion:
(1) address;
(2) block and lot number;
(3) zoning; and
(4) permissible use.