Published on:

New York Cooperative Bill Would Change Classification System

A recent bill filed by a New York senator would re-classify New York City cooperatives and condominiums being slammed by recent assessment increases, The Queens Courier reports.

The bill by Senator Toby Ann Stavisky would change the classification of New York City co-ops and condos to that of single- and multiple-family homes. Recent valuation assessments released by the New York City Department of Finances showed, in some cases, 100 percent increases valuation, meaning a jump in taxes for the owners.
apartment.jpg
A New York City cooperative housing law attorney can help you identify areas where your rights as a homeowner could be violated.

Supporters of the bill say it would cap assessments annually and allow those homeowners to be on equal footing with other single family houses in the city. It would also bring affordability to many condominiums and cooperatives.

Owners of commercial facilities and apartment buildings often make the decision to convert their properties into condominiums or cooperatives. But that decision affects the people already living in the building. All of these issues must be sorted out according to New York real estate law and an experienced real estate law firm should be consulted.

For instance, specific information must be included:

  • A full description of the building
  • Details on financing
  • Specific obligations and rights of all parties
  • Documents
  • Certifications
  • Disclosure of purchase procedures
  • Agreements for operations

And, New York requires that every condo or co-op offering be reviewed and approved by the New York Attorney General. This requires detailed contracts, shareholder matters, leasing issues as well as sales and transfers of units. All of this is complex and requires attorneys with years of experience in this area. Whether considering this type of a conversion or if you’re living in a building going through this change, contact an experienced group of New York City co-op attorneys.

If you need to speak with a Queens cooperative law attorney, contact attorney Ira S. Newman at 516-487-7375 for a free consultation.