Click on REBNY to support co-op application changes

Steven Spinola

President, Real Estate Board of New York

The Real Estate Board of New York has launched a new campaign to urge elected officials to support a bill that would require cooperative housing corporations to provide a prospective purchaser a decision within a reasonable period of receiving a completed co-op application.

We believe that the City should adopt a law establishing a timetable for the review of board packages. Currently, a board can indefinitely postpone a decision. The co-op buyer and the seller should have a right to receive a timely determination. There is an immediate need to establish a transparent process for co-op application review.

REBNY is asking real estate professionals to participate in the industry’s effort. Through REBNY’s Action Center you can easily send an email to elected officials in support of this proposal. It only takes a few moments. Go to www.rebny.com and on the homepage under “Support a Transparent Co-op Application Process” click on the red “ACT NOW” button. That will take you directly to REBNY’s Action Center website where you can complete the short form so that key decision-makers will be informed of your opinion.

There are several benefits to a more transparent process for co-op application review. First, the establishment of a fair and uniform application process will promote a more sound housing market for buyers and sellers. Second, prospective buyers and their representatives who spend time and money completing a lengthy and detailed purchase application process are entitled to a written answer in a timely fashion.

Third, a timely-written decision would enhance the co-op form of ownership, which is a dominant and beneficial type of homeownership in NYC. Last, a slow co-op apartment sales application process impedes normal market activity as buyers stop looking and sellers stop soliciting offers for the property.

For all these reasons, REBNY urges elected officials to support a bill for a more transparent co-op application process.

Our industry needs this change and your participation in this campaign is crucial. We thank you in advance for taking the time to send an email through REBNY’s website and we will keep you updated on this important issue.

In other REBNY News:

New York City Economic Development Corporation (NYCEDC), on behalf of Brooklyn Public Library, is seeking proposals from qualified developers to purchase and redevelop a premier development site in Brooklyn Heights located at 280 Cadman Plaza West, Block 239, Tax Lot 16.

Proposals may include redevelopment for residential, commercial office or community facility uses, but must incorporate a brand new, 20,000 square foot library branch for the Brooklyn Heights community.

The approximately 26,600 square foot lot is currently occupied by a branch of the Brooklyn Public Library (BPL) system. The New Library will be owned, as a condominium unit, by the City of New York and operated by BPL. Proposals are due by 4 pm Friday, Sept. 20, 2013.

An optional information session will held at 10 am Wednesday, July 17, 2013 at the NYCEDC, 110 William St., 6th Floor. Those who wish to attend should RSVP via email to BrooklynheightsRFP@nycedc.com by Friday, July 12, 2013.

This RFP presents a unique opportunity to enhance the community’s educational and cultural resources, and unlock economic development prospects in an increasingly valued location, overlooking the picturesque Cadman Plaza in the heart of Brooklyn’s Civic Center. 

Download the RFP by going to www.nycedc.com and clicking on “Brooklyn Heights Development Opportunity RFP”.