NYC Property Sales Now Require 90-Day Wait Period
Owners of certain buildings must now offer nonprofits an exclusive period to purchase property before going to market.
Updated on Oct. 22, 2026 in Commercial
Live Poll
Should city laws require property owners to give nonprofits first priority to purchase their buildings?
The New York City Council recently passed the Community Opportunity for Purchase Act, which creates a 90-day window for nonprofits to purchase certain properties before they reach the open market. The measure targets fewer than 2,500 buildings, a significant reduction from previous proposals.
Why it matters
The legislation aims to help community land trusts and nonprofits acquire properties by granting them a right of first refusal, potentially altering local real estate availability. The bill was adjusted following earlier vetoes and industry feedback to better align with legal standards.
The act mandates a 90-day exclusive purchase period for qualified nonprofits. It applies to fewer than 2,500 buildings, a sharp decrease from the 10,000 units included in the prior version.
The players
New York City Council
The local legislative body responsible for passing municipal ordinances and housing policies.
Eric Adams
The former Mayor of New York City who previously vetoed an earlier version of this legislation.
Housing Preservation Department
The municipal agency that manages the properties primarily affected by the new purchase rules.
The details
Property owners must notify eligible nonprofits and provide them with a 90-day window to negotiate a purchase before listing the unit publicly. After this period concludes, owners retain full rights to sell the property on the open market. The legislation focuses on specific buildings managed under the Housing Preservation Department to prioritize community-driven development.
Timeline
October 22, 2026: The New York City Council passed the legislation.
The Home Front
The passage of the Community Opportunity for Purchase Act represents a shift in New York City real estate regulation regarding property transfer. It follows a series of debates over municipal housing policy and the balance between open market sales and community-based land stewardship.
Property owners of designated buildings should consult with the Housing Preservation Department to confirm if their property is among the 2,500 subject to the new 90-day notice requirement. If you are preparing to sell, verify your status now to avoid unexpected delays in your listing timeline.
The takeaway
The new law creates a mandatory waiting period for specific NYC property sales to prioritize nonprofit interest. Property owners should contact local housing officials to determine if their buildings fall under the new 90-day Right of First Refusal requirements.
Further reading
Learn more about local real estate shifts in New York City Commercial.
Live Poll
Should city laws require property owners to give nonprofits first priority to purchase their buildings?
