Lawyers
Real estate partners Peter Fisch and Salvatore Gogliormella’s latest Transactional Real Estate column, “Tenant Opportunity to Purchase Acts,” appeared in the May 14 issue of the New York Law Journal. The authors discuss tenant opportunity to purchase acts (TOPAs) as a tool for preventing urban displacement and preserving affordability. Under such an act, the authors note, tenants have the first right to purchase their building if the owner lists it for sale or receives an offer from a third-party buyer. By giving tenants leverage over the sale of their building, these acts aim to give them a potential path to homeownership, bargaining power to negotiate with prospective third-party owners about the condition of their buildings and the terms of their tenancies, and ultimately a means to stay in their homes. However, the TOPAs create a significant burden on the building owners and complicate the sale process. Real estate associate Allison Gadsden assisted in the preparation of this article.
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