Esquire Realty Ciaramella & Co.

Here’s what the new law requires:

✅ Co-op board must maintain their application and transfer requirements, and promptly provide them to a buyer, seller, or agent upon request.

✅ Within 15 calendar days the co-op board must acknowledge receipt of your application and notify you whether it’s complete or identify any missing items.

✅ Within 45 calendar days, the board must issue a written decision if you are approved, denied, or conditionally approved.

✅ Boards are permitted one 14-day extension with proper notice by email, with some additional summer recess notices, if applicable.

This applies to NYC residential co-ops with 10 or more units on standard sales, gifts, estate transfers, and trust transfers. There are some exceptions for government and affordable housing.

Penalties for noncompliance range from $1,000 to $2,000 per violation.

This law creates deadlines and accountability, but it still does not require a co-op board to explain why an applicant was denied.Local Law 58 of 2026 (formerly Intro. 1120-B), effective July 28, 2026.