New Rules, Faster Answers: What Local Law 58 Means for Co-op Applications
October 18, 2026
A new city law puts a clock on how long a co-op board can sit on a purchase, sale, or sublet application. Here’s what changed as of July 2026.
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What the Law Requires
Local Law 58 took effect July 28, 2026. It requires co-op boards and their managing agents to acknowledge receipt of a purchase, sale, or sublet application within 15 days, and to issue an approval or rejection within 45 days after the application is deemed complete.
Why It Was Passed
Co-op board review has long been criticized for open-ended timelines that can leave buyers, sellers, and their brokers in limbo for months with no clear answer. Local Law 58 is aimed directly at that uncertainty, giving applicants a defined window instead of an indefinite one.
What It Means for Boards
Boards and managing agents now need a documented process for logging when an application arrives, when it’s considered complete, and when the clock starts and ends. A missed deadline doesn’t just frustrate a buyer — it can now be treated as a compliance issue in its own right, so building this into your board’s routine matters.
What It Means for Owners and Buyers
If you’re selling a unit or sponsoring a buyer’s application, you now have a concrete benchmark for how long board review should take. If your application has been acknowledged and marked complete, your board owes you a decision within 45 days.
Questions About How This Affects Your Building?
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