Oct. 21, 2024 By Iryna Shkurhan
Elected officials from northeast Queens gathered at Beech Hills Apartments in Douglaston last Thursday to celebrate the signing of the Ground Lease Renewal Bill, a new law that offers co-op owners and prospective buyers greater flexibility.
The bill allows co-op owners to extend or renew their ground leases before expiration, closing a loophole or “technicality” that previously hindered buyers from securing traditional 30-year mortgages in co-op communities.
State Senator Toby Ann Stavisky and Assembly Member Edward Braunstein introduced the legislation earlier in May. Both of them reside in co-op apartments and have frequently spoken about their importance in preserving the middle class. Governor Kathy Hochul signed it into law last month after they successfully pushed the bill through their respective chambers.