On Jun. 7, NY LEG passed bill relating to ground lease contracts
NY LEG passed AB 10467, SB 09721 to amend NY real property law to allow for the extension or renewal of ground lease contracts prior to the expiration of such contracts
Bill amends Section 1 of law at NY LEG 50-7-223 by adding a new section 233-c.
Bill Provisions
The bill defines the term residential ground lease cooperative apartment building.
It means any and all buildings, improvements or other structures located in New York occupied, owned or leased wholly or partly by ground lease residential cooperative.
Or any subsidiary/affiliate, pursuant to a subject residential cooperative ground lease.
Also defines term ground lease residential cooperative, subject residential cooperative ground lease, ground lease real property, subject ground lease owners, and other.
if a subject residential cooperative ground lease authorizes the cooperative to renew or extend its lease at its sole option, the cooperative may exercise such right.
The cooperative may therefore renew or extend at any time prior to the expiration of the subject residential cooperative ground lease in accordance with other lease terms.
Legislative History
On May 29, 2024, bill introduced in Assembly; on Jun. 7, 2024, bill passed Assembly.
On Jun. 7, 2024, bill delivered to Senate; on Jun. 7, 2024, bill was passed in Senate.
Effectiveness
If enacted, bill will take effect on the ninetieth day after it shall have become a law.
It shall apply to all contracts issued, renewed, modified, etc. on or after such date.
Sep. 2024 NY LEG Governor Approval
On Sep. 27, 2024, NY LEG governor approved AB 10467, enacted as Chapter 371.
Regulators
NY LEG
Entity Types
Corp
Reference
Ch 371, 9/27/2024; Bills A10467, S09721, 6/7/2024; Citation: NY LEG 50-7-223;
