To exercise ROFR a condo needs to either become the tenant or the buyer of the unit and therefore must both utilize funds held in reserve and then also dispose of the unit they've just rented or purchased on behalf of the building. I've heard of it happening just once in my entire career (it was in a very unique circumstance).
Charlie Summers, Bellmarc Realty 917-376-1648
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
Condo boards have 30 day from receiving a board package to issue the waiver of right of first refusal and yes, this does apply both to sales and rentals. It is highly unusual to not get the waiver, because if they refuse it on a sale or a rental, they have to buy it or rent it. They don't want to. What they can do, though, is if it is not compete or has errors, they can keep kicking it back to you.
Zita Alvarez Lo
Licensed Associate Real Estate Broker
PRUDENTIAL DOUGLAS ELLIMAN
205 East 42nd Street, 6th floor
New York, NY 10017