07/07/2026
NYC Co-op Boards: A New Purchase Application Law Takes Effect July 28, 2026
If your co-op board hasn't updated its purchase application process yet, now is the time!
Beginning July 28, 2026, New York City co-op boards must follow new legal requirements for reviewing purchase applications, including:
✔️ Providing a standardized written application package
✔️ Acknowledging receipt of applications within 15 days
✔️ Issuing approval or denial decisions within 45 days of a complete application
✔️ Maintaining clear documentation and meeting required deadlines
Failure to comply may result in civil penalties.
At Harlem Property Management, we're committed to helping co-op boards stay compliant while ensuring a smooth, efficient transfer process for buyers and sellers. Reviewing your procedures now can help avoid unnecessary delays, reduce risk, and keep your community operating efficiently.
Have questions about preparing your board for these new requirements? Our team is here to help.