Adam Leitman Bailey Articles

Adam Leitman Bailey Articles

An online resource of real estate law articles

  • Home
  • Real Estate Q & A

Governor Extends Certain Condominium Offering Plan Deadlines

  • Uncategorized

By Adam Leitman Bailey, P.C.

On April 16, 2020, Governor Cuomo issued Executive Order 202.18 (EO 202.18), which among other things, extended several deadlines applicable to condominium and cooperative offering plans.  EO 202.18 tolls several deadlines that could prevent condo/co-op sponsors from completing and selling condo/co-op projects, though it does not significantly change most ongoing reporting requirements.  Among other things, it:

  • Tolls the requirement that the requirement that a sponsor offer rescission to buyers if the first closing in the condo/co-op does not occur within one year of the projected beginning of the first year of operations contained in the offering plan (or the amendment effective at the time the buyer’s purchase contract was signed).
  • Tolls the obligation that a sponsor declare an offering plan for the conversion of an occupied building effective within 15 months after the offering plan is accepted for filing.
  • Tolls a sponsor’s requirement to include or update a budget for the projected first year of condo/co-op operations in any offering plan or amendment.

These tolls last for the duration of EO 202.18, but all affected offering plans must be updated within 30 days of its expiration.

EO 202.18 does not change the regulations that provide that the term of an offering is extended by six months by the filing of a substantive (non-price change) amendment, and that if no amendment is filed within six months of the last substantive amendment (or after 12 months once the first closing occurs), the sponsor must cease sales activity until a substantive amendment is filed.  

In sum, EO 202.18 extends some of the long-term milestones that condo/co-op sponsors are required to meet for their developments to become viable for the duration of the COVID-19 emergency, but sponsors are still required to keep their offering plans updated (except as to the projected first year budgets) when their terms expire.  Although EO 202.18 provides relief to sponsors whose developments are running up against project deadlines, it increases the uncertainty that many buyers feel over when, if ever, they will be able to close on the units they have contracted for.

ARTICLES BY TOPIC

  • Appellate Litigation
  • Buyouts and Sale of Apartment Lease
  • Commercial Landlord Representation
  • Commercial Leasing Services
  • Commercial Tenant Representation
  • Condominium & Cooperative Board & Building Representation
  • Condominium & Cooperative Litigation
  • Condominium & Cooperative Owner & Shareholder Representation
  • Condominium & Cooperative Representation
  • Condominium/Board of Managers Representation of Newly Constructed Buildings & Conversions
  • Division of Housing and Community Renewal (DHCR)
  • Fire and Building Violations
  • Foreclosure Litigation Group
  • Homeowner and Tenant Associations
  • Insurance Defense Litigation
  • Landlord Representation
  • About Mitchell-Lama/ Housing Development Fund Corporation (HDFC) & Third Party Transfer Representation
  • Mortgage Finance Practice Group
  • Purchase & Sale of Homes
  • Purchase and Sale of Multi-Family Dwellings and Buildings
  • Real Estate Administrative Proceedings/Environmental Control Board
  • Real Estate Litigation
  • Tenant Representation
  • Q & A
  • Title Insurance Claims Group

RECENT POSTS

  • Adam Leitman Bailey, P.C. Defeats Summary Judgment by Long-Term Squatter Claiming Adverse Possession to Part of its Client’s Commercial Building
  • Escaping the Default Formula at the DHCR
  • Adam Leitman Bailey, P.C. Forces Cooperative to Approve Alteration Plans and Settles Discrimination Lawsuit
  • Adam Leitman Bailey, P.C. Secures Dismissal of Claims Against Individual Sponsor Principals in a Construction Defects Litigation
  • Adam Leitman Bailey, P.C. Successfully Defeats Former Co-Op Board President’s Attempt to Enjoin Certification of Board Election Results and to Require New Election

TOP CONTRIBUTORS

Adam Leitman Bailey

Dov Treiman

John Desiderio
  • Popular
  • Comments
  • Tags
  • FDA’s Poison Prevention Packaging Rule: A Bitter Pill the FDA is Forced to Swallow
  • The New Rules of Seeking a Buyout of a Rent-Regulated Tenant
  • Rules Governing Anticipatory Repudiation of Contracts
  • New Rules of Substantial Rehabilitation to Remove Units from Rent Regulation Part II
  • Building Sold Before Violation Notice Issued
  • Public Health and Law : Assignment Essays | Assignment Essays: […] FDA’s Poison Prevention Packaging ...
  • Public Health and Law : Solution Essays - Solution Essays: […] FDA’s Poison Prevention Packaging ...
  • Who are the parties in the case and what are their respective interests? - Excelwriters: […] FDA’s Poison Prevention Packaging ...
  • Nutritional Health Alliance v. Food and Drug Administration - Longbeach Writers: […] FDA’s Poison Prevention Packaging ...
  • Public health and law | Law homework help – Hero Papers: […] FDA’s Poison Prevention Packaging ...
Adam Leitman Bailey apartment rent Appellate Division Case Co-op board member rights Co-op issues commercial landlord commercial lease commercial tenant condominium Condominium & Cooperative Representation contract cooperative board court of appeals Dov Treiman foreclosure Foreclosure law foreclosure litigation group Home purchase Insurance Jeffrey Metz John Desiderio landlord Landlord and tenant landlord law Landlord Representation Lease Lease Provision License Agreement Mortgage New Construction Representation nonprimary residence NY state law property owner Purchase & Sale of Homes Real estate real estate litigation rent Rent stabilization rent stabilized Rosemary Liuzzo Mohamed RPAPL tenant law tenant rights violation notice

Read more from Adam Leitman Bailey

Huffington Post

The Cooperator

Apartment Law Insider

Commercial Observer

Adam Leitman Bailey, P.C.

Twitter Twitter

Follow @alb_pc on Twitter

Twitter Twitter

Follow @Aleitmanbailey on Twitter

LinkedIn

Adam Leitman Bailey on LinkedIn

Adam Leitman Bailey, P.C. on LinkedIn

Adam Leitman Bailey Articles © 2025. All Rights Reserved.

Powered by WordPress. Designed by Woo Themes