Property Management
A New York City landlord wishes to convert a rental building to cooperative or condominium ownership. Under the Martin Act (General Business Law Article 23-A), the offering plan must be:
AApproved by the NY DOS
BFiled with and approved by the New York State Attorney General✓ Correct
CFiled with the NYC Department of Buildings
DApproved by a two-thirds vote of existing tenants
Explanation
Under the Martin Act (NY General Business Law Article 23-A), the offering plan for a cooperative or condominium conversion must be filed with and accepted for filing by the New York State Attorney General. The AG reviews the plan for required disclosures and compliance with law.
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