What must a developer file to legally construct or convert a building into a cooperative corporation?

To legally construct or convert a building into a cooperative corporation, a developer is required to file an offering plan. This document outlines the terms of the offering, including details about the cooperative's governance, financial statements, and the rights and responsibilities of shareholders. It is a crucial step in ensuring that potential buyers are adequately informed about their investment and the nature of the cooperative structure.

An offering plan must be reviewed and approved by the New York State Attorney General’s office, ensuring that it meets all legal standards and provides protections for consumers. This process instills a level of transparency and accountability, which is vital in cooperative housing where ownership structures can be complex compared to traditional property ownership.

In contrast, building permits are necessary for actual construction work to commence but do not specifically address the conversion into a cooperative. Compliance reports relate to building codes and regulations but do not pertain to the legal formation of a cooperative corporation. Revenue plans focus on financial projections or strategies but are not a legal requirement for establishing a cooperative structure. Hence, the offering plan is the definitive document required in this context.