Cuomo’s Plan to Cut Condo Development Red Tape

State Attorney General Andrew Cuomo has proposed legislation to cut the wait time for developers who submit plans for new co-op and condo projects.

The legislation would increase funding for the Real Estate Finance Bureau (REFB), the group in the attorney general’s office responsible for approving encyclopedic offering plans detailing everything from floor plans to certificates from architects before a developer can start advertising or pre-selling any apartments. In the past five years, the REFB has been inundated with 300 percent more condo and co-op conversion applications, according to the press release issued by Mr. Cuomo’s office Thursday.

The legislation, which is currently in committee in both chambers of the New YorkLegislature, would also increase the cap from $20,000 to $30,000 on filing fees for projects over $5 million for the first time since 1989 to cover the cost of additional REFB staff.