Relates to ground lease contracts

This bill amends New York's real property laws to allow ground lease residential cooperatives to renew or extend their lease agreements before the current contract expires. It specifically applies to buildings owned or leased by these cooperatives, provided the lease already grants them the sole right to exercise this renewal option. The legislation clarifies that cooperatives can act on this right at any time prior to the lease's expiration date, subject to all other existing terms of the agreement. It also defines various terms related to ground leases and excludes certain government entities, charities, and tribal lands from these provisions. The law will take effect ninety days after being signed and applies to contracts issued, renewed, or modified on or after that date.