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NY City Council Passes Bill Giving Nonprofits First Dibs on Distressed Apartment Properties
The New York City Council on Thursday passed the Community Option to Purchase Act (COPA), which gives nonprofit groups a 90-day window to potentially acquire distressed apartment buildings after they’re put up for sale. The measure now goes to Mayor Zohran Mamdani, who has signaled his approval in recent months.
An earlier version of the bill was vetoed by then-Mayor Eric Adams last year. Industry groups including the Real Estate Board of New York were opposed to the previous version, which covered more than 10,000 apartment buildings. The bill as enacted Thursday covers an estimated 2,100, according to the city’s Department of Housing Preservation and Development.
“REBNY appreciates the constructive engagement and thoughtful leadership of Speaker [Julie] Menin and Council Member [Sandy] Nurse, which has resulted in a more targeted and practical bill,” REBNY President James Whelan told the New York Post. Nurse introduced a revised COPA earlier this year.
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Apartment Property for Sale in Astoria at 25-12 Steinway Street
Astoria, NYNew York & Tri-State
Learn MoreListing Status: Available Listing Type: Distressed sale No. of Units: 37 Building Size: 30132 Sq ft Opportunity Zone: No 
309-UNIT MULTI-ASSET RESIDENTIAL PORTFOLIO
Philadelphia, PANew York & Tri-State + Apartment Buildings
Learn MoreListing Status: Available Listing Type: Highest & best offer Price: $40,200,000 No. of Units: 309 Year Built: 1940 Year Renovated: 2011 Building Size: 265293 Sq ft Opportunity Zone: No Price per unit: $130,097
