APPLIES TO:

All transfers of shares and proprietary leases at all New York City cooperatives with more than ten units. This includes transfers that do not include payment.

Note: While HPD has not yet developed rules for this law, it will go into effect July 28, 2026, and cooperative boards are advised to comply with the timeline laid out in the law, which is linked at the bottom of this page.

PERIOD OF EXEMPTION:

If a cooperative board does not meet during the summer months (July and August), and publishes a “summer recess notice” indicating the period during which they do not meet, then the timeline will be suspended for the “summer recess” indicated. The “summer recess notice” must be included in adopted board minutes and available upon request. It should also be attached to all purchase applications.

TRANSFER REQUIREMENTS

Each board must maintain a complete list of the items that the cooperative corporation requires a purchaser and/or a seller to submit or satisfy in connection with a transfer, to comply with the corporation’s governing documents and policies including:

• interviews
• consent forms
• authorizations and notarizations
• third-party reports
• documents
• information
• forms and applications
• fees
• disclosures, 
• Instructions for submission including designated mailing and email addresses, and any standards for completeness, and
• supplemental requests.

ACKNOWLEDGEMENT OF RECEIPT OF MATERIALS

Within 15 days after receiving an application - OR a subsequent submission - from a purchaser or a purchaser’s agent, a cooperative corporation shall provide to such purchaser or purchaser’s agent, via email and registered mail, a written acknowledgement of materials received. 

The written acknowledgement must include:

• a statement on whether the cooperative corporation considers the application to be complete,
• a list of each item still required along with a citation as to where the application requires such items; and 
• A list of any additional materials requested for clarification or completion of previously submitted materials

FAILURE TO ACKNOWLEDGE RECEIPT

If the board or their representatives do not provide the required acknowledgement within 15 days, the package shall be considered “complete.”

TIME ALLOCATED FOR DETERMINATION

Within 45 days of the board’s acknowledgement of receipt of a complete application or within 60 days of the receipt of an application if an acknowledgement was not provided, a cooperative corporation shall notify the purchaser or purchaser’s agent via email whether its consent to a sale is:

1. granted unconditionally, 
2. granted subject to stated conditions, or 
3. denied. 

REQUESTING ADDITIONAL MATERIALS

The cooperative corporation may request additional materials from the purchaser or purchaser’s agent, via email, to provide clarification for, or ensure completeness of, previously submitted materials at any time within the 60-days allocated for acknowledgement and review.

EXTENSION OF TIMELINE REQUESTED BY PROSPECTIVE PURCHASER(S)

The purchaser(s) may consent in writing to extend the date by which a cooperative corporation must provide notice of their decision.

EXTENSION OF TIMELINE REQUESTED BY COOPERATIVE CORPORATION

The cooperative corporation may extend the date by which it must provide notice of its decision by up to 14 days without the consent of the purchaser if it provides notice of such extension to the purchaser or purchaser’s agent via e-mail.

LOCAL LAW 58 IS ATTACHED HERE.

The current online portal will no longer be available after July 24, and no submissions can be made on July 25 or 26 during the transition.

As a reminder, Local Law 152 requires gas piping inspections be conducted every five years by a certified master plumber, with the inspections then reported to DOB.

Learn more about the transition in DOB's Service Notice:
https://www.nyc.gov/assets/buildings/pdf/foll_up8_gp-sn.pdf