Establishes the commercial tenant opportunity to purchase act, providing commercial tenants the right of first refusal for the purchase of certain.

The Commercial Tenant Opportunity to Purchase Act (CTOPA) grants commercial tenants the right of first refusal to purchase certain commercial rental properties. Owners must offer the property to tenants and qualified purchasers before selling to third parties. Tenants and purchasers have specific timeframes to accept offers, secure financing, and close. The Empire State Development (ESD) is responsible for certifying qualified purchasers, managing supportive partners, and enforcing the act. Exemptions include properties owned by governments, hospitals, and those undergoing refinancing.

Establishes the commercial tenant opportunity to purchase act, providing commercial tenants the right of first refusal for the purchase of certain.

The Commercial Tenant Opportunity to Purchase Act (CTOPA) grants commercial tenants the right of first refusal to purchase certain commercial rental properties. Owners must offer the property to tenants and qualified purchasers before selling to third parties. Tenants and purchasers have specific timeframes to accept offers, secure financing, and close. The Empire State Development (ESD) is responsible for certifying qualified purchasers, managing supportive partners, and enforcing the act. Exemptions include properties owned by governments, hospitals, and those undergoing refinancing.