Property Ownership
A 'cooperative conversion' in New York City occurs when:
AA condo is converted to a rental building
BA rental apartment building is converted to a cooperative, and existing tenants are given the right to purchase their units✓ Correct
CA commercial building is rezoned for residential use
DA single-family home is subdivided into multiple units
Explanation
A co-op conversion is the process of converting a rental apartment building to a cooperative. Existing tenants receive an exclusive offering plan with the right to purchase their apartments (insider price) before shares are offered to outsiders.
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