The owner's failure to act within 20 days to either match the offer made by the incoming tenants, or to challenge the fair market value before the Loft Board or the suitability of the incoming tenants in court, as required by the Regulations of the Loft Board (29 RCNY 2-07), results in the owner's acceptance of the incoming tenants and sale of improvements to them. Here, the record makes it clear that the landlord failed to properly act within the required 20-day period,...
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