N.Y. Public Housing Law § 119

§ 119. Options to purchase property or awards. A municipality or\nauthority may at any time secure options in its own name or in the name\nof nominees to purchase property or any interest therein or awards in\ncondemnation made or to be made therefor. No consideration need be given\nor paid by a municipality or authority to the person, firm, or\ncorporation giving the option. The option granted to the municipality or\nauthority to purchase such real property or award shall not be withdrawn\nor cancelled during the period named therein. Any such option may be\nextended by the optionor for a period or periods beyond the period named\ntherein. The option shall be in such form that acceptance thereof by the\nmunicipality or authority within the time limited therein, or within any\nextended period, will create a binding contract for the sale of the real\nproperty or award described therein.\n