Sales Disclosures of Vacant Buildings

What’s happening? NYC Council is considering requiring disclosure of the sale of vacant buildings so that the City has first choice to buy the property in stead of using eminent domain to acquire property to build schools, or municipal works.

Why is this important? Cities across the country are talking about using eminent domain to acquire affordable housing or house homeless populations. Giving the city the option to buy it first makes it easier for the City.

How will this be important? Real Estate attorneys say it will slow down deal making.

Commerical Observer | Bill Would Require NYC to Be Notified of Certain Vacant Property Sales