A board package is the dossier a prospective NYC co-op purchaser (or, in many condos, a sublessee or new unit owner) submits to the board so the board can exercise its admissions function or right of first refusal. The spine is typically the REBNY Financial Statement plus tax returns, employment verification, bank and brokerage statements, reference letters, the contract of sale, and rule acknowledgments.
The REBNY Financial Statement, 2–3 years of federal tax returns, employment verification, 2–3 months of bank and brokerage statements, 2 personal and 2 professional reference letters, a landlord or managing-agent reference, the fully executed contract of sale, the lender commitment letter if financed, signed house-rules and alteration acknowledgments, and required disclosures (lead paint, window guards, sprinklers, bedbugs).
Most NYC contracts of sale require the board to act within 30 days of a complete package. The clock starts when the package is complete, not when it is first submitted, so the managing agent's completeness review is consequential.
No. A co-op board exercises an affirmative approval right and can run a full admissions review including a substantive financial analysis and interview. A condo board has only a right of first refusal — it can either waive (allow the sale) or exercise (the building buys on the same terms). A condo 'board package' is primarily for confirming deal terms, collecting rule acknowledgments, and onboarding the new unit owner.