New York's Cooperative and Condominium Community

Habitat Magazine October 2020 free digital issue

HABITAT

ARCHIVE ARTICLE

Sale of Securities

GBL SEC. 352

General Business Law Section 352 regulates sales of “securities” in New york State. Co-op and condo apartments are treated as “securities” under that law, which is enforced by the office of the New york State attorney General. The aG regulates sponsor sales and may monitor conduct by sponsors after the co-op or condo is created.

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"New construction defects plague many buildings, and boards find themselves facing discrepancies in the promises made in the offering plan and what they are actually experiencing. To remedy the situation, boards can sue the sponsor or they can turn to the agency that approved the offering plan in the first place – the office of the New York State Attorney General."

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