NYC's Community Opportunity to Purchase Act is back - and multifamily owners should pay attention - by Ron Cohen

New York City’s Community Opportunity to Purchase Act (COPA) is back, and this latest version could have a much better chance of becoming law.

The proposal would give qualified nonprofit organizations the first opportunity to purchase certain multifamily properties before they are sold on the open market. Unlike earlier versions, the revived bill is more narrowly focused, targeting apartment buildings with four or more units that meet specific distress-related criteria.

Properties could be subject to COPA if they are enrolled in the city’s Alternative Enforcement Program, facing in-rem foreclosure, burdened by chronic housing violations, subject to unresolved correction orders, involved in tenant harassment findings, or approaching the expiration of certain affordability restrictions.

If a covered property is offered for sale, eligible nonprofits would have 20 days to express interest and 70 days to submit an offer. In some cases, nonprofits could also receive a right of first refusal, allowing them to match a higher competing bid.

Supporters argue the legislation would help preserve affordable housing and give mission-driven organizations a greater role in stabilizing troubled buildings. Critics, however, contend that COPA could add delays, uncertainty, and additional procedural hurdles to multifamily transactions.

For owners, investors, brokers, and lenders, the practical concern is whether the law could affect marketing strategies, contract timelines, buyer pools, and ultimately property values for covered assets.

The proposal currently has the support of 22 City Council members and backing from mayor Zohran Mamdani’s administration, making it a serious legislative contender.

The bottom line: for owners of multifamily properties with violations, affordability restrictions, or signs of distress, COPA is no longer a theoretical policy debate. It may soon become a significant factor in how buildings are bought and sold across New York City.

Ron Cohen is chief sales officer/associate broker at Besen Partners, New York, N.Y.