REBNY Supports Transparency and Reliability in Cooperative Purchase Process

Pamela Liebman, Frederick Peters and Michael Bisordito Testify at City Council Hearing in Support of         Intro. 188

NEW YORK – April 29, 2013 – Leadership of the Residential Brokerage Division of the Real Estate Board of New York (REBNY), the city’s leading real estate trade association, will testify at a City Council hearing on Tuesday, April 30thin support of elements of a bill that will make the cooperative purchasing process transparent and reliable for home buyers.

Introduced in the City Council in 2010, Intro. 188 would require every cooperative board to create a standardized application and list of purchase requirements that are available to any applicant upon request. The bill would also establish a timeline by which cooperative boards must inform applicants of their determinations.

REBNY members Pamela Liebman, president and CEO of The Corcoran Group;Frederick Peters, president of Warburg Realty; and Michael Bisordi, president of Tungsten Properties willtestify in support of the bill.

“The Real Estate Board of New York strongly supports introducing timeframes and increasing predictability into the purchase process of coops,” said Steven Spinola, president of REBNY. “Providing a transparent framework around real estate transactions is good for the buyer and the seller of a coop, and good for City coffers.  We favor these measures that will provide buyers with the certainty they deserve for these significant investments.”

At the hearing, the Residential Management Committee of REBNY will also be submitting testimony that will clarify management and coop board processes and will suggest language to reduce potential burdens placed on coop board members.

The hearing will take place at 1 p.m. at 250 Broadway. Full text of the proposed legislation is available here.

About The Real Estate Board of New York

The Real Estate Board of New York is the city’s leading real estate trade association with more than 13,000 members.  REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city’s real estate.  REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation.  In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com

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