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 requires that private buyers of real property formerly owned by a public body in New Jersey agree to pay prevailing wages for construction and maintenance work for a period of 10 years after purchase. If a buyer fails to include this wage agreement in a formal contract, the property cannot be resold during that decade. Additionally, the legislation declares void any deed restrictions that prevent commercial real estate from being used for the same business purpose as the original owner utilized it. These changes aim to ensure fair labor compensation on public assets and remove barriers to the commercial use of such properties.