Require Co-op Boards to Decide Sales Within 45 Days
Enacted on Jul 31, 2026Signed into law by the Mayor.
Signed into Law
Local Law 2026/058
✦ Plain-Language Summary
This law sets strict deadlines for co-op boards to review and approve or deny apartment sales. Co-op boards must acknowledge applications within 15 days and make final decisions within 45 days, or face fines starting at $1,000. This helps prevent co-op boards from delaying sales indefinitely, making it easier for residents to sell their apartments.
Details
- Introduced
- Nov 21, 2024
- Passed Council
- Jan 29, 2026
- Enacted
- Jan 29, 2026
- Body
- Committee on Housing and Buildings
- Type
- Introduction
- Status
- Enacted
Sponsors (15)
Official Description
This bill would set timelines for decisions regarding the sale of co-op apartments. It would generally require the co-op to acknowledge receipt of application materials within 15 days, and provide notice of whether it has consented to the sale within 45 days after the application is complete, with extensions possible in some circumstances. This bill would require the Department of Housing Preservation and Development to issue violations for a co-op’s failure to meet these requirements, resulting in civil penalties of $1,000 for a first violation, $1,500 for a second violation, and $2,000 for third and subsequent violations.