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 23.3 - 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 G.B.L. and article 9-B 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) If any nonpurchasing residential tenant may be evicted by application of the provisions of G.B.L., sections 352-eee and 352-eeee, rent regulatory laws, or after expiration of a lease term, the cover shall contain the following statement in boldface roman type at least as large as eight-point modern type and at least two points leaded:
THIS IS AN EVICTION PLAN. SEE PAGE
__.
If G.B.L., section 352-e(2-a), 352-eee or 352-eeee or other such local law is applicable, also state:
NONPURCHASING TENANTS OTHER THAN ELIGIBLE SENIOR CITIZENS AND ELIGIBLE DISABLED PERSONS WILL BE EVICTED.
(2) If the plan is a noneviction plan, the cover shall contain the following statement in boldface roman type at least as large as eight-point modern type and at least two points leaded:
THIS IS A NONEVICTION PLAN. NO NONPURCHASING TENANT WILL BE EVICTED BY REASON OF CONVERSION TO CONDOMINIUM OWNERSHIP.
(3) The title in boldface type:
CONDOMINIUM OFFERING PLAN
followed by the name of the condominium and the address of the property.
(4) The total amount of the offering, which shall be based on the maximum aggregate price at which the units are initially offered. State the number of units being offered. The minimum aggregate price at which the units are initially offered to tenant purchasers also may be included.
(5) The amount of the working capital fund and/or reserve fund to be retained by the condominium. The amount of the reserve fund shall be in compliance with applicable local law. If there is a working capital fund and this fund may be diminished or depleted for closing adjustments, so indicate. If there is no working capital fund or reserve fund provided by the sponsor, indicate -0-.
(6) The name principal business address of the sponsor, selling agent, and the condominium. Telephone numbers may also be included. The address of the sponsor must not be in care of sponsor's attorney.
(7) 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 (a) the proposed plan is first submitted to the Department of Law and (b) when the final plan is submitted to the Department of Law.
(8) 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 boldface roman type at least eight-point modern type and at least two points leaded.
(9) The front cover of a proposed offering plan first submitted to the Department of Law shall contain the following statement in capital letters printed in red in boldface roman type of at least eight-point modern type and at least two points leaded. The following statement shall not appear on the front cover of final offering plans (black books) filed with the Department of Law:
THIS IS A PROPOSED OFFERING PLAN ("RED HERRING") TO CONVERT THIS BUILDING TO A CONDOMINIUM. IT HAS BEEN SUBMITTED TO THE NEW YORK STATE DEPARTMENT OF LAW, REAL ESTATE FINANCE BUREAU. CONDOMINIUM UNITS MAY NOT BE SOLD OR OFFERED FOR SALE UNTIL THE OFFERING PLAN IS FILED WITH THE DEPARTMENT OF LAW.
(10) The following statement in capital letters printed in boldface 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.