Requires multiple dwelling building owners to provide notice to tenants and tenant associations of certain sales and provides tenant association with opportunity to purchase multiple dwelling.

This New Jersey bill requires owners of multiple dwelling buildings to notify tenants and tenant associations before selling the property. It specifically mandates notice for sales to affiliates, short sales, or deeds in lieu of foreclosure, ensuring residents are informed of these transactions. If at least 51% of the occupied units are represented by a tenant association, the group gains the right of first refusal to purchase the building. The law also defines how tenant associations can form successor entities, such as cooperatives or joint ventures, to facilitate the acquisition and maintain affordable housing standards.