511 WEST 232ND OWNERS CORP. et al., Respondents,
v.
JENNIFER REALTY CO. et al., Appellants.
Court of Appeals of the State of New York.https://leagle.com/images/logo.png
Argued April 25, 2002.
Decided June 11, 2002.
Attorney(s) appearing for the Case
Brill & Meisel, New York City (Mark N. Axinn and Bruce A. Langer of counsel), for appellants.
Gallet Dreyer & Berkey, LLP, New York City (Beatrice Lesser, David L. Berkey and Stanley B. Dreyer of counsel), for respondents.
A. Edward Major, New York City, and Lewis C. Taishoff for Community Housing Improvement Program, Inc. and another, amici curiae.
Stroock & Stroock & Lavan LLP, New York City (James A. Shifren, Charles G. Moerdler, Leonard Boxer, Kevin L. Smith, Michel Evanusa and Joan S. Wharton of counsel), and Carb, Luria, Cook & Kufeld LLP for Real Estate Board of New York, Inc., amicus curiae.
Snow Becker Krauss P.C., New York City (Marc J. Luxemburg, P.C., Mark S. Borten and Alison R. Doviak of counsel), for Council of New York Cooperatives and Condominiums, amicus curiae.
Eliot Spitzer, Attorney General, New York City (David Axinn, Caitlin J. Halligan, Daniel Smirlock and Eric R. Dinallo of counsel), for Attorney General of the State of New York, amicus curiae.
Chief Judge KAYE and Judges SMITH, LEVINE, CIPARICK, WESLEY and GRAFFEO concur.
Court of Appeals of the State of New York.
OPINION OF THE COURT
ROSENBLATT, J.
Pursuant to the Martin Act (General Business Law article 23-A), the owner of an apartment building may sponsor an offering plan to convert the building into a cooperative. Such conversions are subject to a complex statutory and regulatory scheme that governs the form and content of public offerings, public disclosure, advertising and criteria for determining when such a conversion...
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