As we previously reported in our February 13, 2026, alert, beginning yesterday, July 28, 2026, cooperative corporation (co-op) boards and their managing agents are required to adhere to strict timelines when processing purchase applications. This law applies to New York co-ops with more than 10 units and covers purchase applications, as well as other board-approved transfers, including trust transfers, gifts, family transfers, and estate transfers. Co-ops must maintain standardized application procedures and requirements, and the timing requirements apply throughout the application process, including acknowledgment of the application and the board’s decision. Failure to comply with the new requirements could result in civil penalties.

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