New York Consolidated Laws, Real Property Law - RPP § 339-e. Definitions

1. “Building” means a multi-unit building or buildings, or a group of buildings whether or not attached to each other, comprising a part of the property.

1-a. [Expires and deemed repealed Nov. 5, 2031, pursuant to L.2025, c. 56, pt. GG, § 7] “Capital replacement” means a building-wide replacement of a major component of any of the following systems:

2. “Common charges” means each unit's proportionate share of the common expenses in accordance with its common interest.

3. “Common elements,” unless otherwise provided in the declaration, means and includes:

4. “Common expenses” means and includes:

5. “Common interest” means the (i) proportionate, undivided interest in fee simple absolute, or (ii) proportionate undivided leasehold interest in the common elements appertaining to each unit, as expressed in the declaration.

6. “Common profits” means the excess of all receipts of the rents, profits and revenues from the common elements remaining after the deduction of the common expenses.

6-a. [Expires and deemed repealed Nov. 5, 2031, pursuant to L.2025, c. 56, pt. GG, § 7.] “Consummation of the preservation plan” means, in the context of a preservation plan for the conversion of residential rental property to condominium ownership that has been accepted for filing by the department of law pursuant to section three hundred fifty-two-eeeee of the general business law and subsequently amended to disclose that said preservation plan has been declared effective, (i) the recording of the declaration for the condominium and (ii) the closing of title to a dwelling unit with a purchaser under the preservation plan.

7. “Declaration” means the instrument by which the property is submitted to the provisions of this article, as hereinafter provided, and such instrument as from time to time amended, consistent with the provisions of this article and of the by-laws.

7-a. [Expires and deemed repealed Nov. 5, 2031, pursuant to L.2025, c. 56, pt. GG, § 7.] “Income-restricted rental unit”, as used in section three hundred thirty-nine-mm of this article, means a unit that also meets the definition of “income-restricted rental unit” set forth in section three hundred fifty-two-eeeee of the general business law.

8. “Majority” of unit owners means either (i) more than fifty per cent in common interest in the aggregate, or (ii) more than fifty per cent in number of units in the aggregate, or (iii) more than fifty per cent in the aggregate in both common interest and in number of units, as may be specified herein or in the declaration or the by-laws with respect to any matter or matters.  Any specified percentage of unit owners means (i) such percentage in common interest in the aggregate, or (ii) such percentage in number of units in the aggregate, or (iii) such percentage in common interest and such percentage in number of units, as may be specified herein or in the declaration or the by-laws with respect to any matter or matters, provided, however, that different percentages in interest and in number of units may be so specified.

8-a. [Expires and deemed repealed Nov. 5, 2031, pursuant to L.2025, c. 56, pt. GG, § 7.] “Offeror”, as used in section three hundred thirty-nine-mm of this article, means the offeror of a preservation plan to convert residential rental property to condominium ownership pursuant to section three hundred fifty-two-eeeee of the general business law, together with their or its nominees, assignees and successors in interest.

9. “Operation of the property” means and includes the administration and operation of the property and the maintenance, repair and replacement of, and the making of any additions and improvements to, the common elements.

10. “Person” means a natural person, corporation, partnership, association, trustee or other legal entity.

10-a. [Expires and deemed repealed Nov. 5, 2031, pursuant to L.2025, c. 56, pt. GG, § 7.] “Preservation plan”, as used in section three hundred thirty-nine-mm of this article, means an offering statement or prospectus submitted to the department of law pursuant to section three hundred fifty-two-eeeee of the general business law for the conversion of a building or group of buildings or development from rental status to condominium ownership, wherein the offeror documents that it has entered into a regulatory agreement with a relevant housing finance agency in which it agreed to an extended affordability term for the income-restricted rental units.

11. “Property” means and includes the land, the building and all other improvements thereon, (i) owned in fee simple absolute, or (ii) in the case of a condominium devoted exclusively to non-residential purposes, held under a lease or sublease, or separate unit leases or subleases, the unexpired term or terms of which on the date of recording of the declaration shall not be less than thirty years, or (iii) in the case of a qualified leasehold condominium, held under a lease or sublease, or separate unit leases or subleases, the unexpired term or terms of which on the date of recording of the declaration shall not be less than fifty years, and all easements, rights and appurtenances belonging thereto, and all other property, personal or mixed, intended for use in connection therewith, which have been or are intended to be submitted to the provisions of this article.

11-a. [Expires and deemed repealed Nov. 5, 2031, pursuant to L.2025, c. 56, pt. GG, § 7.] “Purchaser under the preservation plan”, when used in section three hundred thirty-nine-mm of this article, means a bona fide purchaser under the preservation plan shall refer to a person who purchases a dwelling unit from the offeror pursuant to the terms of a preservation plan that has been accepted for filing by the attorney general.  A person or entity that acquires dwelling units and assumes certain obligations of the offeror shall not be considered a purchaser under the preservation plan.

12. “Qualified leasehold condominium” means any leasehold interest in real property intended to be used for either residential purposes, commercial purposes, industrial purposes or any combination of such purposes, together with any fee simple absolute or leasehold interest in the buildings and all other improvements which have been or at any time hereafter may be erected upon such real property, which has been or is intended to be submitted to the provisions of this article, provided that, on the date of the recording of the declaration:  (i) the battery park city authority or the Roosevelt Island operating corporation is the holder of the tenant's interest in such leasehold interest or (ii) the Queens West development corporation is the holder of the landlord's interest in such leasehold interest or (iii) the Brooklyn bridge park development corporation is the holder of the landlord's interest in such leasehold interest, or (iv) the New York city educational construction fund is the holder of the landlord's interest in such leasehold interest for property located in the borough of Manhattan, in the city of New York, bounded on the east by Second Ave, on the west by Third Avenue, to the north by East Fifty-seventh Street, and to the south by East Fifty-sixth Street.

12-a. [Expires and deemed repealed Nov. 5, 2031, pursuant to L.2025, c. 56, pt. GG, § 7.] “Qualified owner”, as used in section three hundred thirty-nine-mm of this article, shall refer to a unit owner that also meets the definition of “qualified owner” as set forth in section three hundred fifty-two-eeeee of the general business law.

12-b. [Expires and deemed repealed Nov. 5, 2031, pursuant to L.2025, c. 56, pt. GG, § 7.] “Relevant housing finance agency”, as used in section three hundred thirty-nine-mm of this article, shall have the same meaning as set forth in section three hundred fifty-two-eeeee of the general business law.

13. “Recording officer” and “recording” or “recorded” shall have the meanings stated in section two hundred ninety of this chapter.

13-a. [Expires and deemed repealed Nov. 5, 2031, pursuant to L.2025, c. 56, pt. GG, § 7.] “Total price”, when used in section three hundred thirty-nine-mm of this article, means the sum of the cost of all units in the offering, but excluding any income-restricted rental units owned or to be transferred to a qualified owner, at the last price which was offered to tenants in occupancy prior to the effective date of the preservation plan regardless of the number of sales made.

14. “Unit” means a part of the property intended for any type of use or uses, and with an exit to a public street or highway or to a common element or elements leading to a public street or highway, and may include such appurtenances as garage and other parking space, storage room, balcony, terrace and patio, but in no event may utility facilities such as those for water or sewerage treatment or power generation appear as single units.

15. “Unit designation” means the number, letter or combination thereof or other official designations conforming to the tax lot number, if any, designating the unit in the declaration and on the floor plans.

16. “Unit owner” means the person or persons owning a unit in fee simple absolute or, in the case either (i) of a condominium devoted exclusively to non-residential purposes, or (ii) a qualified leasehold condominium, owning a unit held under a lease or sublease.