A Local Law to amend the administrative code of the city of New York, in relation to establishing timelines for cooperative corporations to approve or deny the sale of cooperative apartments.

Summary

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 10 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. A co-op’s failure to communicate whether or not it consents to a sale within the required period, and 10 business days after receiving notice from the prospective purchaser, would mean the co-op is deemed to consent to the sale.

Official summary of legislation · NYC Council