{"id":43988,"date":"2024-09-17T11:50:55","date_gmt":"2024-09-17T08:50:55","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=43988"},"modified":"2025-05-22T13:10:53","modified_gmt":"2025-05-22T10:10:53","slug":"filing-an-offering-plan-for-a-condominium-in-new-york","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2024\/09\/17\/filing-an-offering-plan-for-a-condominium-in-new-york\/","title":{"rendered":"Filing an Offering Plan for A Condominium In New York"},"content":{"rendered":"\n

NYC-based boutique law firm\u202f<\/em><\/strong>Pardalis &\u00a0<\/strong><\/em><\/a>Nohavicka<\/a>\u202fbrings the latest legal updates from the world of\u00a0<\/em><\/strong>real estate. Pardalis & Nohavicka handles an eclectic array of matters, representing individuals and business owners in civil litigation, criminal\u00a0cases\u00a0and business transactions, currently litigating and representing clients throughout the United States and around the world.<\/strong>\u00a0<\/em><\/p>\n\n\n\n

Previously, we introduced the concept of condominiums and how a condominium offering plan works. Next, we\u2019ll present a general overview of the process of filing an offering plan for a new condominium development in New York after all architectural plans have been finalized.<\/p>\n\n\n\n

<\/span>Regulatory Approval<\/span><\/h3>\n\n\n\n

Due to their unique characteristics, condominiums require approval from the New York Department of Law (DOL) before they can be offered, marketed or sold to the public. The DOL is the regulatory authority that oversees the offering process to ensure compliance with relevant laws, including Section 352-e of the General Business Law.<\/p>\n\n\n\n

<\/span>Initial Considerations<\/span><\/h3>\n\n\n\n

First, consider the time and cost required to prepare, submit and secure approval for an offering plan from the DOL. The timing is crucial, especially when financing is involved, because interest accrues daily and obligations \u2014 such as taxes and service contracts \u2014continue. Plus, preparing an offering plan can take up to two months or more, while DOL approval can range from a few months to several years, depending on the complexity of the development and the need for follow-up requests from the DOL.<\/p>\n\n\n\n

Notably, all individual principals must be disclosed in the offering plan, even if the sponsor is an entity. Additionally, out-of-state principals and entities must file a Designation of the New York Secretary of State to receive the service of process.<\/p>\n\n\n\n

<\/span>Preparation of the Offering Plan<\/span><\/h3>\n\n\n\n

The offering plan must also be drafted in strict adherence to applicable laws, which outline an extensive list of requirements beyond the scope of this article. As such, the time required to prepare the offering plan depends on the timely receipt of necessary information from third parties.<\/p>\n\n\n\n

Usually, the plan undergoes frequent updates, and changes in one area may necessitate adjustments in others, so timely cooperation from third parties \u2014 including insurance agents, appraisers, architects, tax professionals, title companies and managing agents \u2014 is crucial. As such, it\u2019s important to engage these parties early in the process and set clear expectations for document completion timelines.<\/p>\n\n\n\n

<\/span>Sponsor Information<\/span><\/h3>\n\n\n\n

The sponsor and individual beneficial owners must submit notarized signatures on various documents and disclose personal information. Specifically, individual beneficiaries must be disclosed, even if the sponsor is an entity owned by another entity. The professionals and third parties involved in the project should also be prepared to provide notarized documents.<\/p>\n\n\n\n

Keep in mind that follow-up requests for information and revisions are also a standard part of the DOL\u2019s review process, which underscores the importance of complete and accurate documents from the outset.<\/p>\n\n\n\n

<\/span>Submission Process & Payment<\/span><\/h3>\n\n\n\n

Adhering to the DOL\u2019s detailed submission rules is mandatory. Once the offering plan is ready for submission, the sponsor \u2014 either directly or through an attorney \u2014 must pay half of the offering plan filing fees upfront (along with other ancillary fees in full) and the remaining half upon approval. The sponsor can then submit the offering plan to the DOL.<\/p>\n\n\n\n

Currently, the most efficient way to complete the offering process is electronically. This involves requesting an upload link from the DOL, then uploading the plan and required documents according to strict guidelines for organization and file-naming conventions.<\/p>\n\n\n\n

<\/span>Factors Affecting the Speed of DOL Approval<\/span><\/h3>\n\n\n\n

The speed of DOL approval is influenced by factors such as the full completion of the initial draft of the offering plan, prompt cooperation from third parties, construction financing, the overall complexity of the development and any changes to existing condominium plans that require DOL approval.<\/p>\n\n\n\n

<\/span>Expediting the Process <\/span><\/h3>\n\n\n\n

Overall, anticipating and preparing for the filing of an offering plan \u2014 including early engagement and cooperation from third parties \u2014 can significantly expedite and streamline the condominium offering plan process.<\/p>\n\n\n\n

<\/div>\n\n\n\n

<\/p>\n\n\n\n

<\/span>About<\/span><\/h3>\n\n\n
\n
\"John<\/figure><\/div>\n\n\n

John Pak<\/strong><\/a> serves as the Real Estate Chair at the Law Offices of Pardalis & Nohavicka. He is a transactional attorney specializing in acquisitions, dispositions and leasing.  A graduate of Brooklyn Law School, he received his BA in Political Science from New York University.  Prior to joining PN Lawyers, John owned his own private law practice for 15 years and a title company for 6 years.
______________<\/p>\n\n\n

\n
\"Taso<\/figure><\/div>\n\n\n

Taso Pardalis<\/a><\/strong> is a founding partner of the Law Offices of Pardalis & Nohavicka, a leading full- service NYC law firm with offices in Manhattan, Queens and WeWork. Taso may be a well-known attorney with many cases making headlines in major media outlets, but at heart, he is a true entrepreneur that believes in supporting the small business community. His areas of concentration are: Intellectual Property, Trademarks, Corporate, Business Law and Real Estate Law.<\/p>\n\n\n\n\n\n

<\/span>Disclaimer<\/span><\/h3>\n\n\n\n

This article is intended for educational and information purposes only and should not be construed as legal or investment advice.<\/p>\n\n\n\n

<\/div>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

From initial considerations to regulatory approval, what does filing a condominium offering plan require?<\/p>\n","protected":false},"author":49,"featured_media":43989,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6637,9499,328,796],"tags":[11172,11097],"class_list":["post-43988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert-insight","category-legal","category-new-york-real-estate","category-how-to","tag-old-how-to","tag-real-estate-law"],"yoast_head":"\nFiling an Offering Plan for A New York Condominium | PropertyShark<\/title>\n<meta name=\"description\" content=\"Explore how to file an offering plan for a new condominium development in New York, including initial considerations and regulatory approval.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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