New York Reserve Study Requirements (2026)

New York at a glance

Who must have a reserve study

We found no reserve study requirement in the New York Condominium Act (Real Property Law Article 9-B, sections 339-d to 339-mm). We did not review cooperative law, homeowners association law, Attorney General offering plan regulations or New York City rules. (see sources)

Site inspection

We found no statewide rule on this in the statutes listed under Sources.

Structural inspections

We found no statewide rule on this in the statutes listed under Sources.

Reserve funding

The Condominium Act says by-laws may include provisions on the payment, collection and disbursement of funds, including reserves, for maintenance, repairs, replacements, working capital and similar purposes. This is optional by-law content, not a funding mandate [Real Property Law 339-v(2)(b)]. One narrow rule does require a reserve fund: when a building converts to condominium ownership under General Business Law 352-eeeee, the offeror must set up a reserve fund for capital repairs, replacements and improvements and transfer it to the board of managers within thirty days after the plan is consummated. The fund is three percent of the total price, or an amount based on actual sales with a floor of one percent of the total price [Real Property Law 339-mm]. Section 339-mm is scheduled for repeal on November 5, 2031. (see sources)

Disclosure

For buildings converted under General Business Law 352-eeeee, the board of managers must report to unit owners every six months on deposits into and withdrawals from the reserve fund [Real Property Law 339-mm(4)]. We found no other reserve disclosure rule in the Condominium Act. (see sources)

Who may prepare the study

We found no statewide rule on this in the statutes listed under Sources.

What this means for boards

• With no statewide mandate confirmed here, check your governing documents and any lender requirements. They can require a study even where the statute does not.
• A current reserve study is still the usual way to show the board planned for major repairs with care.
• Keep the study, the board's funding decision and the reasons for it on record.
• Ask your association's attorney how the rules apply to your community.

What this means for reserve preparers

• Confirm which statute governs the association before you scope the work: condominium, planned community and cooperative acts often differ.
• Match the study level and site visit to what the statute requires.
• Cite the statute in the report so the board can see what the study satisfies.

How ReservePath handles New York

ReservePath supports full studies, updates with a site visit and updates without one, 30-year funding projections, and study renewal reminders based on the cycle you set for each study. It includes in-app compliance guidance for each state as a starting point. The preparer and the association's attorney remain responsible for confirming what the law requires.

Frequently asked questions

Does New York require a reserve study?

We found no reserve study requirement in the New York Condominium Act (Real Property Law Article 9-B, sections 339-d to 339-mm). We did not review cooperative law, homeowners association law, Attorney General offering plan regulations or New York City rules.

Does New York require reserves to be funded?

The Condominium Act says by-laws may include provisions on the payment, collection and disbursement of funds, including reserves, for maintenance, repairs, replacements, working capital and similar purposes. This is optional by-law content, not a funding mandate [Real Property Law 339-v(2)(b)]. One narrow rule does require a reserve fund: when a building converts to condominium ownership under General Business Law 352-eeeee, the offeror must set up a reserve fund for capital repairs, replacements and improvements and transfer it to the board of managers within thirty days after the plan is consummated. The fund is three percent of the total price, or an amount based on actual sales with a floor of one percent of the total price [Real Property Law 339-mm]. Section 339-mm is scheduled for repeal on November 5, 2031.

What reserve information must be disclosed in New York?

For buildings converted under General Business Law 352-eeeee, the board of managers must report to unit owners every six months on deposits into and withdrawals from the reserve fund [Real Property Law 339-mm(4)]. We found no other reserve disclosure rule in the Condominium Act.

Sources

• N.Y. Real Property Law 339-v
• N.Y. Real Property Law 339-mm