N.Y. Real Property Law § 233-c: Residential ground lease cooperative apartment buildings

§ 233-c. Residential ground lease cooperative apartment buildings. 1.

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 subdivision of any of the foregoing

thereof, any entity owned or controlled by any of the foregoing,

including but not limited to, the Battery Park city authority, the

Roosevelt Island Operating Corporation, the Queens West Development

Corporation, the Brooklyn Bridge Park Development Corporation, the New

York City Educational Construction Fund, and the New York City Housing

Authority, (ii) any charity approved under section 501(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.