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 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.

Official summary of legislation · NYC Council