S 2433 New York Senate · 2025 Regular Session

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

S 2433 establishes protections for residents and cooperatives when ground leases for apartment buildings expire. It requires cooperatives to dissolve properly within 10 days of lease expiration and automatically grants residents tenant status under New York's rent laws, ensuring their housing remains regulated. The bill also gives the cooperative a 120-day right to purchase the underlying land if the landowner sells, with specific notice and timing requirements for both parties. These changes directly affect ground lease residential co-ops and their residents in New York, ensuring continuity of housing and rent protections upon lease termination.

Issues: ✓ Housing

Bill status died 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Jan 2026

Senate Passage

Jun 2025

Assembly Passage

Governor

Introduced Jan 17, 2025 Last action Jan 7, 2026

Maddy AI version diff · 1 comparison

What changed between versions

S2433 → S2433A · 4 edits

MODERATE

This bill amends the law governing ground lease cooperative apartment buildings in New York. It adds new rules requiring these cooperatives to dissolve and convert residents to tenants upon lease expiration, grants cooperatives the right to encumber their lease interests, and establishes a mandatory right of first refusal for cooperatives if the landowner decides to sell the property.

Scope change

The bill expands the scope of the existing Real Property Law by adding new subdivisions to Section 233-c, while also expanding the title to include the Emergency Tenant Protection Act and the NYC Administrative Code.

REQUIREMENT

Requires ground lease cooperatives to initiate dissolution and convert residents to tenants when the ground lease expires or is terminated.

Grants ground lease cooperatives the right to encumber (mortgage) their lease interest, subject to specific conditions and the landowner's consent.

Mandates that landowners notify the cooperative and the state housing commissioner before selling the property, giving the cooperative 120 days to match the offer and purchase the land.

SCOPE

The bill's title was updated to explicitly include the Emergency Tenant Protection Act and the Administrative Code, reflecting the new tenant protection and sale notification provisions.

Floor votes · Senate Jun 9, 2025

How they voted

34–28

Passed · 1 other

Total votes 63

Jun 9, 2025

D Democratic41

34 Yea 7 Nay

82% Yea

R Republican22

21 Nay 1

95% Nay

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 7, 2026

Committee

REFERRED TO JUDICIARY

upper

Jun 9, 2025

Committee

REFERRED TO HOUSING

lower

Jun 9, 2025

Upper · Passed

PASSED SENATE

upper

May 20, 2025

Upper · Passed

AMENDED ON THIRD READING (T) 2433A

upper

Jan 17, 2025

Committee

REFERRED TO JUDICIARY

upper

1 primary · 14 co-sponsors