ny law

Domecile is designed with New York City and State regulations in mind.

A Local Law to amend the administrative code of the city of New York, in relation to establishing timelines for cooperative corporations to approve or deny the sale of cooperative apartments.
Section 1. Title 26 of the Administrative Code of the City of New York is amended by adding a new Chapter 37 — Sales of Cooperative Apartments.
§ 26-3701 Definitions.
Terms like Application, Cooperative corporation, Dwelling unit, Purchaser, Sale, Seller, Summer recess notice, Summer recess period, and Transfer requirements are defined for clarity.
§ 26-3702 Requirements for determination.
  • Cooperative corporations must maintain a standardized application and transfer requirements for sales.
  • These must be provided promptly to purchasers or their agents upon request.
§ 26-3703 Acknowledgment of receipt of materials.
  • Within 15 days of receiving an application, the cooperative corporation must acknowledge receipt in writing.
  • The acknowledgment must specify whether the application is complete and what is missing if not.
  • If no acknowledgment is sent, the application is deemed complete as of the due date.
  • The timeline can be tolled during designated summer recess periods.
§ 26-3704 Time for determination.
  • Within 45 days after acknowledging a complete application, the cooperative corporation must notify the purchaser whether consent to the sale is:
    • (i) granted unconditionally;
    (ii) granted subject to conditions; or
    (iii) denied.
  • The co-op may request additional materials or extend the decision by up to 14 days with notice (or longer by purchaser consent).
  • Timeframes may be tolled during summer recess periods.
§ 26-3705 Enforcement.
  • The Department of Housing Preservation and Development (HPD) enforces this chapter.
  • Civil penalties apply for violations: $1,000 (first violation); $1,500 (second); $2,000 (third and subsequent violations).
  • HPD may commence proceedings to recover penalties via the Office of Administrative Trials and Hearings.
§ 26-3706 Construction.
  • Nothing in this chapter limits rights and remedies under other laws.
§ 2. This local law takes effect 180 days after becoming law, applying to applications received on or after that date.
45
days
application countdown
44
days
23
hours
:59
minutes
decision deadline
stay compliant
with
requirements available on request
Application requirements listed on every Domecile property webpage
15 days allotted for initial review
Upon application receipt, timer is activated + management is notified
45 days allowed for board review
Boards are notified of deadlines + messages from management
built for nyc's co-ops
Automated timers triggered upon application receipt
Automated acknowledgments sent
Time-stamped records of all messages
Decision windows + extensions tracked digitally
Audit trail
stay compliant! contact sales@domecile.com