SPOSFI: A message for Condo Conversion Applicants
Attention Condo Conversion Applicants:
We have heard from a good source that disgruntled owners of a 5 unit building intend to file a lawsuit. Although this is a rumor, it has been predicted with nearly 100% certainty that someone will do so.
If you intend to convert, get your application in immediately, hoping that once started the lawsuit when filed will not stop your process.
Here is the website for the Expedited Conversion Program effective July 29, 2013. The document is 51 pages long but most of the text will not apply to your size building.
The full text of the Ordinance passed can be found at the website below. Note that there are different types of lawsuits, questioning lifetime leases, sizes of buildings included in future years, suspending the lottery, etc. Each has slightly different repercussions, but essentially suspend the right to convert.