* § 352-eeeee. Conversions to condominium ownership for the\npreservation of expiring affordable housing in the city of New York. 1.\nAs used in this section, the following words and terms shall have the\nfollowing meanings:\n (a) "Annual update amendment". An annual update amendment is an\namendment to the preservation plan that shall be submitted to the\nattorney general every year that a dwelling unit is unsold, with the\nfirst such annual update amendment due within forty-five days of the\nanniversary of the acceptance of the post-closing amendment to the\npreservation plan. An annual update amendment shall supply the evidence,\ndata and information required in this section, and such other\ninformation as the attorney general's regulations shall require, so that\nthe attorney general is satisfied that the preservation plan as amended\ndiscloses the information necessary for a reasonable investor to make\ntheir purchase decision and that the preservation plan is otherwise\ncomplete, current and accurate.\n (b) "Bona fide purchaser". A bona fide purchaser is either (i) a\ntenant in occupancy who enters into a purchase agreement for a dwelling\nunit pursuant to their or its exercise of one of the rights accorded to\ntenants in occupancy in subdivision five of this section, or (ii) a bona\nfide non-tenant purchaser.\n (c) "Bona fide non-tenant purchaser". A bona fide non-tenant purchaser\nis a purchaser of a dwelling unit who has represented that they or a\nmember or members of their immediate family intend to occupy the\ndwelling unit when it becomes vacant. A bona fide non-tenant purchaser\nshall not include any purchaser who is an offeror, the selling agent, or\nthe managing agent or is a principal of the offeror, the selling agent\nor the managing agent or is related to the sponsor, the selling agent or\nthe managing agent or to any principal of the sponsor or the selling\nagent or the managing agent by blood, marriage or adoption or as a\nbusiness associate, an employee, a shareholder or a limited partner;\nexcept that such a purchaser other than the offeror or a principal of\nthe sponsor may be included as a bona fide non-tenant purchaser if the\nofferor has submitted proof satisfactory to the department of law\nestablishing that the purchaser is bona fide.\n (d) "Commercially reasonable good faith effort". A commercially\nreasonable good faith effort on the part of an offeror of a preservation\nplan shall, at minimum, include (i) the filing of an annual update\namendment to the preservation plan; (ii) all of the condominium's\ndwelling units other than any income-restricted rental units as the\nunits being offered for sale under the preservation plan, each at an\noffering price that is consistent with comparable dwelling units\nrecently sold within the locality; and (iii) entering into a written\nagreement with a licensed real estate broker or selling agent in\nconnection with the sale of dwelling units offered for sale under the\npreservation plan. For the avoidance of doubt, a commercially reasonable\ngood faith effort shall not require an offeror to sell dwelling units at\na price substantially below the market-rate for comparable units\nrecently sold within the locality, nor shall it require an offeror to\noffer for sale dwelling units that are occupied by non-purchasing\ntenants.\n (e) "Condominium". A condominium shall also include a qualified\nleasehold condominium as defined in subdivision twelve of section three\nhundred thirty-nine-e of the real property law.\n (f) "Consummation of the preservation plan". Consummation of the\npreservation plan shall refer to the filing of the declaration for the\ncondominium and the first transfer of title to at least one purchaser\nunder the preservation plan following a declaration of effectiveness by\nthe department of law declaring the preservation plan effective.\n (g) "Eligible disabled persons". Non-purchasing tenants who have an\nimpairment which results from an
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