LAW. PRACTICED BETTER.
New York City Lawmakers Propose Bill Requiring Co-op Boards to Provide Explanation for Rejecting Prospective Buyers
February 2, 2023
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 A. Newmark
Partner | Co-Chair, Commercial Real Estate
(212) 655-3509 | san@msf-law.com
In Collaboration with:
Michael D. Forlini
Law Clerk | Commercial Real Estate
(646) 860-3134 | mdf@msf-law.co