N.Y. Public Housing Law § 119: Options to purchase property or awards

§ 119. Options to purchase property or awards. A municipality or

authority may at any time secure options in its own name or in the name

of nominees to purchase property or any interest therein or awards in

condemnation made or to be made therefor. No consideration need be given

or paid by a municipality or authority to the person, firm, or

corporation giving the option. The option granted to the municipality or

authority to purchase such real property or award shall not be withdrawn

or cancelled during the period named therein. Any such option may be

extended by the optionor for a period or periods beyond the period named

therein. The option shall be in such form that acceptance thereof by the

municipality or authority within the time limited therein, or within any

extended period, will create a binding contract for the sale of the real

property or award described therein.