The complicated and lengthy process of converting a rental
apartment building to a condominium in New York has become even
more complicated. The Attorney General's office has begun to
review the rent history of rent regulated apartments in the
building prior to accepting an offering plan for filing so that the
sales process may commence. This additional evaluation may involve
the review of leases, lease amendments, DHCR records, rent rolls
and other materials, much of which may be required to be submitted
to the Attorney General's office in order to show that the
rents being collected fulfill legal requirements.
Unfortunately, some converters do not become aware of this new
step initially, but learn of it months after an offering plan has
been submitted for review, after receiving comments on their
submission from the Attorney General's office. At that time it
may be necessary to assemble and evaluate all the material
requested before responding to the request. As a
