New York City Lawmakers Propose Bill Requiring Co-op Boards to Provide Explanation for Rejecting Prospective Buyers
Real Estate
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. MSS Real Estate Co-Chair Scott Newmark in collaboration with Law Clerk, Michael Forlini outlines the application process requirements for residential co-op corporations.
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