Establishes certain rights upon the expiration of ground lease residential cooperative apartment buildings

Bill A 2619 establishes specific rights for residents and cooperatives in ground lease residential cooperative apartment buildings. Upon the expiration of a ground lease, the cooperative must dissolve, and residents are converted to tenants, with rental leases offered under existing tenant protection laws. The bill also allows cooperatives to encumber their interest in the ground lease, requiring ground lease owners to provide reasonable cause for refusal if consent is needed. Additionally, it grants ground lease residential cooperatives a right of first refusal to purchase the ground lease real property if the owner decides to sell it.