New York City’s Council approved the Community Opportunity to Purchase Act on October 22, 2026. The legislative record lists it at the Mayor’s Desk for Signature; it is not currently in force.
The bill would require notice before covered owners take action to sell. HPD-certified qualified entities would have 20 days to express interest and 70 days to submit a first offer. Later right-of-first-refusal provisions also apply, so this is not a simple 90-day closing deadline.
Coverage depends on statutory criteria for certain class-A multiple dwellings with four or more units, including specified enforcement, violation and affordability-restriction categories and exemptions. It does not cover every distressed apartment building.
Connect CRE reports an HPD estimate of 2,100 affected buildings. That is an estimate, not a statutory cap. The bill’s effective date would be one year after it becomes law.
Analysis: Transaction planning depends on actual coverage, notice requirements and subsequent refusal rights, not just adding 90 days to a closing calendar.
Key Takeaways
- COPA is Council-passed and awaiting mayoral action, with implementation deferred until one year after becoming law.
- Its interest and first-offer periods do not eliminate later refusal rights.
NYC Council — October 22, 2026 release and Intro 905-A legislative record. Council approved the bill October 22, 2026; record status is Mayor’s Desk for Signature. It would take effect one year after becoming law. HPD-certified qualified entities have 20 calendar days from notice to express interest, followed by 70 calendar days after that period to submit a first offer. Later right-of-first-refusal provisions apply. · https://council.nyc.gov/press/2026/10/22/3309/ · Intro 905-A, sections 26-852 through 26-859: scope is certain statutory Class A multiple dwellings with four or more units, subject to listed enforcement/violation or affordability criteria and exemptions; notice before owner action to sell; qualified-entity certification; interest, offer and refusal stages. · https://legistar.council.nyc.gov/LegislationDetail.aspx?GUID=6EB347B5-800B-4DD3-9221-86A07B152605&ID=8027957 · Connect CRE — October 23, 2026 report attributes an estimate of 2,100 affected buildings to HPD. This is an estimate, not a statutory cap. · https://www.connectcre.com/stories/ny-city-council-passes-bill-giving-nonprofits-first-dibs-on-distressed-apartment-properties/
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