This is some crazy government overreach into private property rights in NYC.
This will just put more properties into corporate ownership and deny the rights of the property owner to market and sell property quickly and discreetly to whoever they wish.
This would require buildings with 4 or more units to first allow qualified entries 25 days to put in an offer, then if they put in a letter of interest, they get 80 days to put in a full offer. That 80 days can be extended by the government, not the seller.
Then when you don't take the offer and are going to sell to someone else, you have to go back and allow first right to make a counteroffer. That you have to accept if it meets or exceeds your current private offer.