Question: My wife and I jointly own a five-unit building in Manhattan, where we have resided for the last 20 years. We are looking to retire and move out of state in the future. Are we eligible to convert our building to condominium under the amended law for small buildings, and if so, do we have to sell our unit right away, or can we offer it for sale later?

Answer: The short answer to both questions is likely yes, with some caveats. Therefore, I will briefly recap the 2022 amendments to the Martin Act and how it may apply to your situation.

The Small Buildings Amendment