New Jersey § 2a:42-134

§ 2a:42-134.

In its application to the court, the receiver shall specify the manner in which it

proposes the building to be sold, which alternatives shall include, but not be limited

to the following: a. Sale on the open market to an entity qualified to own and operate multifamily rental

property; b. Sale at a negotiated price to a not-for-profit entity qualified to own and operate

multifamily rental property; c. Sale to an entity for the purpose of conversion of the property to condominium

or cooperative ownership pursuant to the provisions of “The Planned Real Estate Development

Full Disclosure Act,” P.L.1977, c. 419 ( C.45:22A-21 et seq. ), provided that that option shall not be approved except with the approval in writing

of a majority of the tenants of the building, and provided further that, notwithstanding

any provision of “The Planned Real Estate Development Full Disclosure Act,” P.L.1977,

c. 419 ( C.45:22A-21 et seq. ), no tenant in residence prior to the date the plan of conversion is approved by

the court shall be subject to eviction by reason of that conversion; or d. In the case of a one to four family building, sale to a household that will occupy

one of the units as an owner occupant, which may be a sitting tenant.