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 19.2 - 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 and at least two points leaded:
THIS OFFERING PLAN IS THE SPONSOR'S ENTIRE OFFER TO SELL
					 THESE CONDOMINIUM APARTMENTS. NEW YORK LAW REQUIRES THE SPONSOR TO DISCLOSE ALL
					 MATERIAL INFORMATION CONCERNING THE CONDOMINIUM 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 APPROVED THIS
					 OFFERING.
(2) There shall be
				  set forth on the outside front cover page of every offering plan the following
				  information:
(i) the amount of money sought to
				  be raised;
(ii) the names and
				  addresses of the sponsors, promoters, offerors, selling agents and principal
				  distributors;
(iii) the name and
				  designation of the condominium regime; and
(iv) the date of the offering plan, followed
				  by a statement that the offering plan may not be used for a period of more than
				  12 months from the filing date indicated in the letter from the Department of
				  Law. (See section 19.5   of this Part.)
(3) If there is no bond, escrow of money or
				  other security which is adequate to assure the return of all monies in the
				  event of the failure, discontinuance or abandonment of the offering, the
				  following statement shall be prominently made in the offering plan in
				  italicized letters:
If this offering plan is not consummated for any
					 reason, you may lose all or part of your investment.
(4) If the right is reserved to change the
				  price of any condominium interest from that listed in the offering plan, then
				  such fact and the effects thereof shall be set forth within the plan
				  (
caution:
under rent control applicable local or State
				  regulations govern). In addition, in such case, the following statement shall
				  be included on the front cover in bold easily readable print:
The prices for these condominium interests may be changed
					 so that purchasers may pay different prices for similar interests [except where
					 the property is subject to rent control and the purchaser is a tenant who was
					 in occupancy on the date when the offering plan was filed]. The effect of this
					 is set forth on page (indicate page).
(5) In addition, the following statement
				  shall appear on each page of the offering plan containing a list of prices for
				  the condominium interests:
See page (indicate page) for possible changes in these
					 prices.
(6) The foregoing
				  shall not constitute a limitation on the contents of the front cover where
				  additional material is essential for full and fair disclosure.