New York City Cooperative Purchase Application Timing Law

In this informative webinar, Julie Schechter, Partner at Fox Rothschild LLP, joins Tanya Goodwine, Vice President of Applications, and Benjamin C. Kirschenbaum, Vice President and General Counsel, both of FirstService Residential New York, provide a comprehensive overview of New York City's new Cooperative Purchase Application Timing Law (Local Law 58/2026). The panel covers which cooperatives and transactions are covered, the new deadlines boards must meet, and what boards need to know to remain compliant ahead of the law's July 28, 2026 effective date.

This session explores:

• Which cooperatives, buildings, and transaction types (including trust transfers, gifts, family transfers, and estate transfers) fall under the law's expanded definition of "purchase"
• The 15-day acknowledgment window and 45-day decision window, and how boards can properly extend the decision deadline when needed
• The summer recess tolling provision, and what boards give up operationally in exchange for pausing the clock in July and August
• Open questions around enforcement, civil penalties, and what happens if a board misses the 45-day deadline
• The concrete steps FirstService Residential is taking to help boards track deadlines, manage new application packages, and maintain compliant communication protocols

With a firm effective date and real financial exposure for non-compliance, this webinar offers timely, practical guidance to help boards prepare with confidence.

Because compliance obligations under this law are fact-specific and can carry financial risk, boards should strongly consider engaging a qualified independent third-party professional, such as their cooperative's counsel, to assess their building's specific obligations. Compliance determinations ultimately rest with each board, and this webinar is intended as an educational resource only. It should not be relied upon as legal or compliance advice.

IMPORTANT UPDATE: Please note this important adjustment to the section focusing on Reminder Notices under the topic of managing the 45-day timeline for Board Review and Decision, eg. the 45-Day Rule and final deadlines. This section is found at 27:30 of the presentation. Going forward, upon notice to the Board of a completed application ready for review, FirstService will provide the date of the deadline and send the Board reminders of the deadline after 30 Days. Regarding Notice of the 14 Day Extension: If the Board has not notified FirstService of its decision by the 30th day, FirstService shall notify the applicant that the Board has elected to unilaterally extended the deadline for 14 days.
 
Disclaimer: The information provided for general informational purposes only and does not constitute legal advice or create an attorney-client relationship. You should not act on or refrain from acting based on the information provided. Cooperative corporations and their boards should consult their own legal counsel regarding the application of Local Law #58-2026 to their circumstances and any compliance questions.