condo plans

[chelsea]

If construction of a new condominium (totally new building) is planned in Manhattan, do the plans have to be filed with city or state agency? Is it the same with a co-op? (I'm referring to a review process for co-ops and/or condos, not the regular building plan review by the Building Department for any new structure.)

[consigliere]

A co-op or condo plan has to be filed with the Attorney General's Real Estate Financing Bureau.
 
However, the review of a plan for a new co-op or condo is not very extensive, unlike the review for a conversion from a rental to a co-op or condo.
 

[chelsea]

Thanks, Consig.

Next question: the Attorney General's site refers to a "market testing" procedure for co-ops and condos, before an actual offering is made. Why do developers do this? Is this a required procedure? Is the information in the market testing notices public information? (A market testing notice has appeared on a building in my neighborhood.)

Chelsea

<small>[ January 07, 2003, 06:22 PM: Message edited by: chelsea ]</small>

[MikeW]

Consig missed an issue here. He covered the issue with the offering plan well enough, which is handled by the state attorney general's office. However, there the whole other side of the project, which is getting the physical building built.

If it is being built as-of-right, and no zoning variences are needed, all the developer has to do, I believe, is file with the buildings department. The plans are only reviewed fairly cursorily. Most of the actual inspections are now self certified by the professional involved in the project (architects, engineers). If it turns out later they misstated something, the city can go after their licenses (I think this happens rarely). There's really not much that can be done to stop an as-of-right project.

If the project needs a varience, it a different story. It has to be approved by everyone, up to and including the city council. The chances are more likely than not this won't happen.

[consigliere]

MikeW wrote:
 
Consig missed an issue here. He covered the issue with the offering plan well enough, which is handled by the state attorney general's office. However, there the whole other side of the project, which is getting the physical building built. ...
 
Chelsea originally wrote:
 
(I'm referring to a review process for co-ops and/or condos, not the regular building plan review by the Building Department for any new structure.)
 
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I answered the question that Chelsea originally asked -- about the co-op/condo issue -- and nothing else.