New York A 11252: Establishes the commercial tenant opportunity to purchase act

Bill Text

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A11252 Summary:

BILL NOA11252 

&nbsp

SAME ASNo Same As

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SPONSORRaga

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COSPNSR

&nbsp

MLTSPNSR

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Add Art 7-E §§799 - 799-s, RPAP L

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Establishes the commercial tenant opportunity to purchase act; provides commercial tenants the right of first refusal for the purchase of certain commercial rental properties.

Go to top A11252 Actions:

BILL NOA11252 

&nbsp

05/04/2026referred to judiciary

Go to topA11252 Committee&nbspVotes:

Go to topA11252 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA11252 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 11252

 IN ASSEMBLY

 May 4, 2026
 ___________

 Introduced by M. of A. RAGA -- read once and referred to the Committee
 on Judiciary

 AN ACT to amend the real property actions and proceedings law, in
 relation to establishing the commercial tenant opportunity to purchase
 act

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "commercial tenant opportunity to purchase act".
 3 § 2. The real property actions and proceedings law is amended by
 4 adding a new article 7-E to read as follows:
 5 ARTICLE 7-E
 6 COMMERCIAL TENANT OPPORTUNITY TO PURCHASE ACT
 7 Section 799. Definitions.
 8 799-a. Authority.
 9 799-b. Applicability.
 10 799-c. Exemptions.
 11 799-d. Right of first refusal.
 12 799-e. Tenant decision-making.
 13 799-f. Qualified purchasers.
 14 799-g. Supportive partners.
 15 799-h. Assignment of rights.
 16 799-i. Waiver of rights.
 17 799-j. Notice requirements.
 18 799-k. Third-party purchaser rights.
 19 799-l. Right to appraisal.
 20 799-m. Purchase contract negotiation.
 21 799-n. No selling of rights.
 22 799-o. Tenant protections.
 23 799-p. Incentives.
 24 799-q. Enforcement.
 25 799-r. Statutory construction.
 26 799-s. Administration and reports.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13709-01-5

 A. 11252 2

 1 § 799. Definitions. For the purposes of this article, the following
 2 terms shall have the following meanings:
 3 1. "AMI" or "area median income" means area median income established
 4 by the U.S. department of housing and urban development (HUD), pursuant
 5 to 42 U.S.C. § 1427 et seq., to establish local income classification
 6 levels.
 7 2. "Appraised value" means the value of the commercial rental property
 8 as of the date of the appraisal, based on an objective, independent
 9 property valuation, performed according to professional appraisal indus-
 10 try standards.
 11 3. "Bona fide offer of sale" means an offer of sale for a commercial
 12 rental property that is either:
 13 (a) For a price and other material terms at least as favorable to a
 14 commercial tenant and qualified purchaser as those that the owner has
 15 offered, accepted, or is considering offering or accepting, from a
 16 purchaser in an arm's length third-party purchase contract; or
 17 (b) In the absence of an arm's length third-party purchase contract,
 18 an offer of sale containing a sales price less than or equal to a price
 19 and other material terms comparable to that at which a willing seller
 20 and a willing buyer would sell and purchase the commercial rental prop-
 21 erty, or an appraised value.
 22 4. "Commercial rental property" means a property which contains units
 23 which are rented to commercial entities for the purposes of operating a
 24 business.
 25 5. "CPI" or "consumer price index" means the consumer price index
 26 published by the United States department of labor, bureau of labor
 27 statistics for the northeast census region. If publication of the
 28 consumer price index ceases, or if it is otherwise unavailable or is
 29 altered in a way as to be unusable, ESD shall determine the use of an
 30 appropriate substitute index published by the United States department
 31 of labor, bureau of labor statistics or any successor agency.
 32 6. "CTOPA buyer" means a commercial tenant or qualified purchaser that
 33 is purchasing or has purchased a commercial rental property from an
 34 owner under this article.
 35 7. "Days" shall mean calendar days unless otherwise in