New York Rule 506 Notice Filing: Fee, Deadline and Martin Act
On this page
If a New York resident invests in your Rule 506 offering, New York wants a notice filing. You submit a copy of your federal Form D through NASAA's Electronic Filing Depository (EFD) and pay the state fee. Our fee table lists $300 for an offering up to $500,000 and $1,200 above that, and the filing is usually due within 15 days after the first sale to a New York investor. New York also asks for each Form D amendment and a renewal every four years. The state's securities fraud law, the Martin Act, applies whether or not you file on time. DoorRaise prepares and files state notices for each deal's investors' states.
This post is part of our guide to real estate syndication. It zooms in on one state from blue sky notice filings and blue sky fees in every state. Fees and rules are as of October 2026 and change, so check the current schedule before you file.
Why does a Rule 506 offering need a state notice at all?
Rule 506 offerings are "covered securities" under federal law, so states cannot require registration or merit review. States can still require a notice and a fee. Most states take the notice through EFD. See our post on blue sky notice filings for the general rule, and Form D filing for the federal notice.
What does New York require?
| Item | New York |
|---|---|
| Notice | A copy of the federal Form D, filed on EFD |
| Who files | The issuer (your deal company) |
| When | Usually within 15 days after the first sale to a New York investor |
| Fee | $300 up to a $500,000 offering, $1,200 above (as of October 2026) |
| Amendments | New York asks for each Form D amendment |
| Renewal | Every four years while the offering continues |
| Regulator | New York State Attorney General, Investor Protection Bureau |
New York's guidance from the Attorney General explains how the EFD filing works for Rule 506 offerings. Read it before you file: New York AG guidance on EFD and Form D (PDF). The NASAA fee matrix lists the current fees: NASAA Form D fee matrix (PDF).
The offering amount for the fee is the amount you set on your Form D. If you raise more than your first estimate, check whether the fee tier changes.
What is the Martin Act?
The Martin Act is New York's securities law, enforced by the Attorney General. It is generally described as broad: it gives the Attorney General wide investigative powers and can reach conduct without proof of intent to defraud. Rule 506 limits what New York can require before you sell, but it does not take away the state's power over fraud and misleading statements. For a sponsor with New York investors, that means accurate offering documents, careful marketing and no promises about returns matter as much as the notice. See Rule 10b-5 and misleading statements.
What if the property is in New York?
A deal for a New York property raises other questions beyond the notice. New York has separate rules for some real estate offerings, such as interests in co-ops and condominiums, and local rent regulation affects underwriting. See rent control laws for apartment investors. Ask New York securities counsel whether your structure and property raise any additional requirement.
A checklist for a sponsor with New York investors
- Track the date of the first sale to each state. The New York clock starts with the first New York investor. See the date of first sale.
- File the federal Form D first.
- File the New York notice on EFD with the fee.
- Calendar the amendment and renewal dates.
- Keep each state's filing proof with the deal records.
- Check that your marketing and documents are accurate and carry no promised return.
How DoorRaise fits in
DoorRaise is a technology platform, not a law firm, broker-dealer, investment adviser or funding portal, and it does not hold investor money. For each deal, the platform prepares and files the Form D and the state notices that the deal's investors' states require, tracks wires into escrow at Enterprise Bank & Trust, and generates the offering documents. Fees are $1,500 to set up (non-refundable), then $5,000 a year from closing (only if the deal closes). See how it works.
Raise your apartment deal from the people who already follow you.
DoorRaise is built for apartment buildings with 5 or more units: one link for the deal, escrow until closing and a standard fee card.
To set up a deal, create your sponsor page.
FAQ
Does New York require a Form D filing for Rule 506?
Yes. New York requires a notice filing: a copy of your federal Form D submitted through NASAA's EFD, with a fee.
How much is the New York filing fee?
Our fee table lists $300 for an offering up to $500,000 and $1,200 above that, as of October 2026. Check NASAA's current matrix before you pay.
When is the New York filing due?
Usually within 15 days after the first sale to a New York investor. Calendar it from that date.
Is the old New York Form 99 still used for Rule 506?
For Rule 506 offerings, New York moved to the EFD Form D notice in 2020 and no longer asks for the older Form 99 process. Confirm with the Attorney General's current guidance.
Does the Martin Act apply to a Rule 506 offering?
Yes. Federal law limits state registration, but the Attorney General can still act on fraud or misleading statements under the Martin Act.
Sources
- New York AG: EFD and Form D guidance (PDF)
- NASAA: Form D fee matrix (PDF)
- SEC: Filing a Form D notice
- 15 U.S.C. 77r: Exemption from State regulation of covered securities (Cornell LII)
This post is general information, not legal or tax advice. State rules and fees change. Talk to your own securities attorney about New York and any other state where you sell. Information is as of October 2026. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal.