Appellate Division of the Supreme Court of the State of New York September 7, 1982 (DeSimon v. Ogden Associates)

OPINION OF THE COURT

O’Connor, J.

The question for decision is whether seller-sponsor financing of the purchase of shares in a co-operative housing corporation by the tenants of the apartment building undergoing conversion is a loan subject to the prohibition and forfeiture provisions of the usury laws. We hold that it is not.