Condominiums
Tenants & Homeowners
A condominium (condo) is a single real estate unit in a multi-unit development in which an owner has both of the following:
- separate (individual) ownership of a unit
- undivided interest in the common elements of the building
Before you buy a co-op or condo — PDF version
How to handle problems with a condominium board of managers
Tenants
Owners of rental buildings sometimes decide to convert their buildings into condominiums or cooperatives. A sponsor who submits an offering plan to convert to a condominium or cooperative ownership must simultaneously provide a copy of this initial draft (red herring) of the plan to all tenants of record.
If you think a plan may have been submitted to convert your building, or you wish to comment on a plan that has been submitted, call the Real Estate Finance Bureau's public information line at 212-416-8122 to find out the file number and date of submission. You can address any comments about the offering plan to the assigned review attorney in writing.
If you are a rent-stabilized tenant in a building that is either going through a conversion or already is a condo or co-op, and you have issues regarding your landlord or the conditions in your apartment, contact the New York State Department of Homes and Community Renewal.
If you are a market-rate tenant in a building that is going through a conversion to a condo or co-op, your lease is about to expire, and you have questions, you may wish to consult a private attorney. You can find a list of private attorneys on the New York State Bar Association’s website.