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New York NPCL 511/511-A & Legal Considerations When Transferring Real Property Owned By Not-For-Profit Corporations And Religious Corporations

by William McManus

Not-for-profit corporations and religious corporations own a considerable amount of real property in New York City and are increasingly more active in real estate transactions. These real property transactions are likely subject to regulations which impose unique considerations. These unique considerations are important for purchasers, real estate brokers, and legal counsel to understand in advance of executing transactional documents as they affect how the real property is valued and the overall structure and timing of the project.

Applicability of the Regulations:

Under Section 510 of the New York State Not-For-Profit Corporation Law and Section 12 of the New York State Religious Corporations Law, charitable not-for-profit corporations and religious corporations must often petition the New York State Supreme Court (“Supreme Court”) and/or the New York State Office of the Attorney General (“OAG”) for approval to…

 

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