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Tip of the Month: New Law on Coop Applications from Richard N. Cohen, Esq
A new law, the Co-op Admissions Timing Act, will take effect on July 28, 2026, establishing clearer procedures and timelines for how many NYC cooperative boards handle purchase and transfer applications.
Key highlights:
- Boards will be required to maintain a standardized application package outlining all requirements, documents, and fees.
- New timelines will apply to acknowledging receipt of applications and issuing decisions once a package is submitted:
- Within 15 days of receiving an application, the board must acknowledge receipt and confirm whether the package is complete or specify what is missing.
- Within 45 days after acknowledging a completed application, the board must issue a decision: approval, conditional approval, or denial. A limited extension may be permitted in certain cases.
- These rules are intended to create more transparency and predictability in the co-op purchase process.
For more details about how this may affect your building or transaction, contact Richard Cohen, Esq. at Cohen & Cohen, LLP for guidance.
Richard N. Cohen, Esq.
Cohen & Cohen, LLP
(212) 829-9090 telephone
richard@cohencohenllp.com email
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