Erica F. Buckley
Tenants in rent-stabilized NYC buildings can explore converting their building to a condo or cooperative, but the process is complex and highly regulated. Key steps include organizing a tenant association, complying with state laws like the Martin Act, filing necessary documents with the Attorney General, forming an LLC, and carefully approaching the landlord with a clear strategy. This legal pathway offers tenants a way to gain control of their homes and potentially turn declining market values into an opportunity for ownership.