N.Y. Comp. Codes R. & Regs. tit. 12, § 8-1.43 – Construction.

(a) [Tie rods.]
1. (1) In future installations, all counterweights shall have their sections strongly secured together with tie rods passing through all the subweights and at least one portion of the frame work or guide weights.
2. (2) The tie rods shall have locknuts at each end secured by cotter pins.
  (b) Guards.
3. (1) Counterweights at the bottom of the counterweight run shall be guarded on their exposed sides with substantial metal shields made of not less than No. 16 U. S. standard gauge iron or steel plates, except where compensating chains are attached to the bottom of counterweights, shields shall not be permitted. The height from the bottom of the pit to the top of the shields shall be not less than 66 inches and the shields shall extend to within 18 inches of the bottom of the pit. Where the counterweight can be guarded on one side only, four telltale chains not less than 48 inches long shall be suspended from the bottom of the counterweight. Compensating ropes or chains attached to the counterweights will be accepted in lieu of telltale chains.
4. (2) Where winding drum machines are used, there shall be a permanent substantial beam or bar at the top of the counterweight guides and beneath the counterweight sheaves to prevent the counterweights from being drawn out of their guides.
5. (3) Counterweights that pass through the floors outside of the hoistway shall be guarded throughout their entire travel.
  (c) Clearances.
6. (1) In installation hereafter the clearance space between the top of the counterweight and the overhead beams when the car completely compresses the pit buffers, shall be not less than 24 inches for traction and plunger type elevators for car speeds up to 350 feet and not less than 36 inches for cars with speeds exceeding 350 feet.
7. (2) For drum type elevators the minimum clearance from the top of counterweight shall be 36 inches and for car speeds over 350 feet per minute the clearance shall be not less than 48 inches.
8. (3) For hoistway and car clearances see sections 8-1.17 and 8-1.18.