Limits resale of certain real property formerly owned by public body in certain circumstances; bans deed restrictions limiting use of commercial real property in certain circumstances.

This bill establishes two main rules for real property transactions involving public bodies in New Jersey. First, it mandates that private buyers of former public property must agree to pay prevailing wages for all construction and maintenance work for a period of 10 years, during which time the property cannot be resold without this agreement. Second, the bill declares invalid any deed restrictions that prevent commercial real estate from being used for the same business purpose as the previous owner. These changes directly affect public agencies selling property and private individuals or entities purchasing it, ensuring wage standards are maintained and preventing specific types of use limitations on commercial assets.