Effective November 5, 2025, filing fees for a wide range of submissions to the New York State Real Estate Finance Bureau (REF) will increase significantly. These changes stem from amendments to the General Business Law. REF has issued a guidance document titled Increased and New Filing Fees Pursuant to General Business Law Sections 352-e(7) and 352-eeeee, which outlines the new fee structure. Please see the attached. We’ve summarized the key updates below to help you prepare for upcoming submissions to REF.
When Do the New Fees Take Effect?
The increased fees apply to any impacted filing submitted on or after November 5, 2025. Importantly, “submitted” means accepted for submission—not when an initial submission was first sent to, or received by REF.
- If the impacted filing is received by REF before November 5 and REF deems it to be complete and not administratively deficient, the lesser filing fee that was in effect at the time of submission will apply, rather than the new increased filing fee for that type of submission.
- If the impacted filing is still pending review, but REF accepted it for submission before November 5, it remains subject to the lower fee.
- If an amendment to an offering plan containing an increase in offering price is submitted on or after November 5, 2025, the filing fee will be calculated based on the maximum offering plan filing fee in effect at the time of the underlying offering plan’s submission, rather than at the time of the amendment’s submission.
What Filings Are Impacted?
The following are some of the filing types will be subject to the increased fees if submitted on or after the effective date:
- Offering Plans
- Amendments to Offering Plans
- No-Action Applications and Amendments
- Cooperative Policy Statements and Amendments/Extension
What Are the New Filing Fees?
Under General Business Law §352-e(7), the updated fees include but are not limited to:
- Maximum fee for an offering plan: $60,000 (up from $30,000)
- Amendment to an offering statement:$750 (up from $225)
- No-Action Letter and amendments: $750 (up from $225)
- Cooperative Policy Statement (CPS) application and amendments: $750 (application fee remains the same; up from $225 for amendments)
- Maximum fee for applications under GBL §352-g: $60,000 (up from $30,000)
How We Can Help
We’re here to guide you through these changes and ensure your filing fees are calculated correctly. If you have questions about how the new fee structure may affect your current or upcoming submissions, please reach out to your contact at our firm. We appreciate your continued trust and look forward to supporting your real estate development needs.
Reach our Condominium, Cooperative & HOA Practice Group:
Richard Herzbach: rherzbach@certilmanbalin.com, Donna-Marie Korth: dkorth@certilmanbalin.com, Darren Stakey: dstakey@certilmanbalin.com.
