New York Codes, Rules and Regulations
Title 13 - DEPARTMENT OF LAW
Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL
Subchapter B - REAL ESTATE SYNDICATES
Part 19 - CONDOMINIUM OFFERINGS
Section 19.4 - Advertising
Current through Register Vol. 46, No. 39, September 25, 2024
(a) All advertising in connection with the offering of condominium interests shall contain the following statement running along the entire width of the advertisement, in easily readable print: This advertisement is not an offering, which can be made only by a formal prospectus.
(b) The statement required under the foregoing subdivision shall similarly be contained on the cover page of all circulars, flyers, cards, letters and other literature employed in connection with soliciting interest in the offering; except that a single page letter of transmittal actually accompanying a prospectus duly filed with the Department of Law need not contain such statement, if included therein it is accurately stated that the prospectus is transmitted herewith.
(c) No abbreviations shall be employed in connection with any such advertising, unless the meaning is unmistakably clear.
(d) Irrespective of the provisions of this section, the following statement may be used in all classified advertisements not more than five inches long and not more than one column of print wide:
NO OFFERING IS MADE EXCEPT BY PROSPECTUS.
(e) No floor plan, chart or diagram may be used in the offering of condominium interests unless such plan has been filed with the Department of Law as part of a plan of condominium offering.
(f) No advertisement shall include any representation or statement not set forth in the offering plan filed with the Department of Law of the State of New York, or inconsistent therewith. Every statement regarding common and other charges and expenditures by purchasers shall be preceded by the word estimated and there shall be no representation of specific dollar or percentage savings because of anticipated income tax deductions resulting from expenditures.
(g) Mere advertising material employed subsequent to the initial filing need not be filed, but shall be consistent with offering literature filed, for amendments thereto.
