2006 New York Code - Options To Purchase Property Or Awards.

 
    §  119.  Options  to  purchase property or awards.   A municipality or
  authority may at any time secure options in its own name or in the  name
  of  nominees  to  purchase property or any interest therein or awards in
  condemnation made or to be made therefor. No consideration need be given
  or paid  by  a  municipality  or  authority  to  the  person,  firm,  or
  corporation giving the option. The option granted to the municipality or
  authority to purchase such real property or award shall not be withdrawn
  or  cancelled  during  the period named therein.  Any such option may be
  extended by the optionor for a period or periods beyond the period named
  therein. The option shall be in such form that acceptance thereof by the
  municipality or authority within the time limited therein, or within any
  extended period, will create a binding contract for the sale of the real
  property or award described therein.