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A 5841

Relates to the conversion of certain real property to cooperative or condominium ownership in the city of New York

2025 Regular Session Introduced by David Weprin

Summary of New York A 5841: Cooperative and Condominium Conversion Bill OverviewThis bill, introduced in the New York State Assembly on June 16, 2025, relates to the conversion of

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Bill Summary · A 5841

Summary of New York A 5841: Cooperative and Condominium Conversion

Bill Overview

This bill, introduced in the New York State Assembly on June 16, 2025, relates to the conversion of certain real property to cooperative or condominium ownership in New York City. The bill's companion legislation is Senate Bill S 4561.

Purpose and Intent

The main purpose of this bill is to establish new regulations and procedures for the conversion of rental properties in New York City into cooperatives or condominiums. The intent is to provide additional protections for tenants living in properties undergoing conversion, while also clarifying the process by which building owners can pursue conversion.

Key Provisions

The bill would make the following key changes:

  1. Tenant Approval Threshold: Increases the tenant approval threshold required for a conversion plan from 51% to 66% of non-purchasing tenants.
  2. Tenant Purchase Options: Requires building owners to offer tenants the opportunity to purchase their units at a discounted price before offering units to the general public.
  3. Relocation Assistance: Mandates that building owners provide relocation assistance, including moving costs and temporary housing, for tenants who do not wish to or cannot afford to purchase their units.
  4. Conversion Timeline: Establishes a minimum 3-year timeline for the conversion process, providing tenants more time to decide whether to purchase their units.
  5. Affordable Unit Protections: Requires that a minimum of 20% of units in a converted building be designated as affordable housing units, with long-term price restrictions.

Impact and Affected Parties

This bill would primarily impact two groups:

  1. Tenants in Rental Properties: Tenants living in rental properties would gain additional protections and purchase options during the conversion process, potentially making it easier for them to remain in their homes.

  2. Building Owners: Building owners seeking to convert their properties would face a higher tenant approval threshold and additional requirements, which could impact the financial viability and timelines of their conversion plans.

The bill's affordable housing provisions would also benefit the broader New York City community by preserving a minimum number of affordable units in converted buildings.

Procedural and Timeline Aspects

The bill has been referred to the New York State Assembly's Housing Committee for consideration. If passed by the Assembly and the State Senate, and signed into law by the Governor, the new regulations would take effect 6 months after the bill's enactment.

Compiled from official sources — confirm details with the bill’s official record.

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