REBNY issues new co-op board guidelines

The Real Estate Board of New York has issued new guidelines for co-op boards in the hopes of standardizing and smoothing over an often-onerous application process. In a press release yesterday, the group said it hopes to “minimize board liability” and “define the appropriate roles of the co-op board and the agent.” Included in the guidelines are a list of application package requirements and an explanation of how to reject and accept hopeful buyers. “Not only will the guidelines be helpful to the real estate community, but when followed, they can help appreciate the value of the apartments by showing that the building has a strong co-op board,” REBNY president Steve Spinola said in a statement. TRD