Am I correct in understanding that the effective date of HSTPA is June 14, 2009
and that beginning with this date for a coop or condo conversion to be effective, 51% of existing tenants must agree to purchase their units?
Last week I received a letter from my landlord telling me that the plan to convert our building is declared effective.'
It stated that the sponsor has entered into agreement with Purchasers for 23 Residential Units, which represents 23% of the 100 Residential units offered for sale under the plan.
Upon checking further I found the 2nd offering plan book that we received in November of 2020. It states: The term of the initial offering of this plan commenced on November 1, 2020 and expires on October 30, 2021, unless this date is extended in a duly filed amendment.
Now, I also found the 1st offering plan book we received, but the places for dates on that one are empty.
Is our landlord trying to pull a fast one on us? Am I looking at the wrong dates?
How could a plan be declared effective with only 23%, instead of the required 51%?
Could they have submitted the required paperwork prior to the law being changed, but did not inform us?
How do I find out?
Thanks