Knowledge Library

New York City Lawmakers Propose Bill Requiring Co-op Boards to Provide Explanation for Rejecting Prospective Buyers

On February 2, 2023, the New York City Council introduced a bill to amend the administrative code of the City of New York in relation to co-op purchase applications. The proposed bill would now require co-op boards to disclose to applicants in writing the reason for the denial of a sale. The proposed bill is being introduced as part of a package of bills that includes legislation requiring co-op boards to make financial disclosures to prospective buyers and provide them with a standardized application process.  MSF Real Estate Co-Chair Scott Newmark in collaboration with Law Clerk, Michael Forlini outlines the application process requirements for residential co-op corporations.

Scott Newmark

Scott A. Newmark
Partner | Co-Chair, Commercial Real Estate
(212) 655-3509 |

In Collaboration with:

Michael D. Forlini
Law Clerk | Commercial Real Estate
(646) 860-3134 |