Erica Buckley Gauging Buyer Interest While Complying With the Martin Act
How can my client and I take advantage of prospective New York City buyers of Florida condos without running afoul of New York law, including gauging initial interest in the project?
December 23, 2021 at 02:30 PM
7 minute read
Real EstateQuestion: I am a commercial real estate broker working with a prominent New York condo developer that is looking to build a luxury condominium in Florida. How can my client and I take advantage of prospective New York City buyers without running afoul of New York law, including gauging initial interest in the project?
Answer: The offer and sale of condominium units located in Florida to New York residents is regulated by the Martin Act—New York's Blue Sky Law. N.Y. Gen. Bus. Law §352-e(1)(a) provides that it shall be illegal to make or take part in a public offering "in or from" the state of New York without having filed an offering statement or prospectus with the New York Attorney General's office. Therefore, the first step is to determine if the sale of condominium units is being made to the public, and if so, whether the offering is "in or from" as defined by the Martin Act.
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