Beginning July 28, 2026, most cooperative (“Co-op”) buildings in New York City with 10 or more residential units will be subject to new review timelines under Local Law 58 of 2026.

Acknowledgement of Receipt (Within 15 Days)

Once a prospective purchaser/transferee or their agent submits an application:

• The co‑op must acknowledge receipt in writing within 15 days.

• That acknowledgment must state whether the application is complete.

• If incomplete, the co‑op must list what items are still required and cite where they are referenced on the requirement list.

If the co‑op fails to acknowledge within 15 days, the application is deemed complete as of the date the acknowledgement was due.

Board Decision Deadline (45 Days)

Once the application is deemed complete:

Co‑op boards have 45 calendar days to issue a written decision — which must be one of the following:

• Unconditional approval

• Conditional approval (with stated terms)

• Denial

Boards are allowed to request additional materials during this 45‑day period, but such requests do not extend the original deadline unless the applicant consents to a formal extension.