Section 233-C - [Effective 12/26/2024] Residential ground lease cooperative apartment buildings1. Wherever used in this section: (a) The term "residential ground lease cooperative apartment building" means any and all buildings, improvements or other structures located in the state of New York occupied, owned or leased in whole or in part by a ground lease residential cooperative, or any subsidiary or affiliate thereof, pursuant to a subject residential cooperative ground lease.(b) The term "ground lease residential cooperative" means any New York corporation organized or operating as a housing development fund corporation, New York cooperative corporation or cooperative housing corporation, including any entity meeting the definition thereof for federal income tax purposes, or any person or entity that is a tenant in common, co-tenant or joint owner with any such corporation, or which is, directly or indirectly through a subsidiary or affiliate thereof, a party to a subject residential cooperative ground lease.(c) The term "subject residential cooperative ground lease" means the lease agreement, together with any amendments or other related agreements including any forbearance, settlement, tenancy in common or other similar agreements related thereto, pursuant to which a ground lease residential cooperative leases, occupies or otherwise uses for residential, commercial, or other ancillary purposes the ground lease real property from one or more subject ground lease owners.(d) The term "ground lease real property" means all real property, including improvements thereon, all or any portion of which is leased, rented, licensed or otherwise provided for use to a ground lease residential cooperative pursuant to a subject residential cooperative ground lease, including any portion thereof that may be subleased or otherwise used for ancillary retail, parking, or commercial purposes.(e) The term "subject ground lease owners" means any and all persons or entities, whether natural persons, estates, trusts, corporations, partnerships or other entities, other than any excepted ground lease owner, that holds title to or is the owner, whether by the entirety, as tenants in common or otherwise, of ground lease real property or is otherwise the landlord under any subject residential cooperative ground lease.(f) The term "excepted ground lease owner" means (i) the United States federal government, the state of New York, the city of New York, and any agency, municipality or political (c) of the internal revenue code which acquired its interest as the owner or landlord of a ground lease real property prior to January first, two thousand twenty-four, and (iii) any Indian nation, tribe or band as such lands are described under and protected by the Indian law or title twenty-five of the United States Code, but shall exclude any private foundation within the meaning of section five hundred nine of the internal revenue code.2. Notwithstanding any term of a subject residential cooperative ground lease to the contrary, if a subject residential cooperative ground lease authorizes the ground lease residential cooperative to renew or extend its lease at the sole option of the ground lease residential cooperative, then the ground lease residential cooperative may exercise such right to renew or extend at any time prior to the expiration of the subject residential cooperative ground lease in accordance with all other terms thereof.N.Y. Real Prop. Law § 233-C
Added by New York Laws 2024, ch. 371,Sec. 1, eff. 12/26/2024, op. to all contracts issued, renewed,modified, altered, or amended on or after 12/26/2024.