N.Y. Comp. Codes R. & Regs. tit. 9, § 2204.5
(b) Where the housing accommodation is located in a structure or premises which contains more than two housing accommodations, and the housing accommodations or structure or premises are owned by two or more persons not constituting a cooperative corporation or association (husband and wife as owners being considered one owner for this purpose), no certificate can be issued under this section for occupancy of any housing accommodation in such structure or premises where two housing accommodations are already owner-occupied as a result of certificates of eviction issued pursuant to this Part or section 5 of the State Rent Act. The prohibition contained in this subdivision shall not apply where the co-owners stand in the relationship of immediate family as defined in subdivision (a) of this section.
(1) In the case of a housing accommodation in a structure or premises owned by a cooperative corporation or association, a certificate shall be issued by the administrator to a purchaser of stock where:
(3) No certificate of eviction shall be issued under paragraph (1) of this subdivision, except as provided in paragraph (4) hereof, unless the applicant shall also establish that the cooperative corporation or association has complied with the following requirements:
(ii) Subsequent to the date the cooperative plan had been declared effective, the tenants of the controlled housing accommodations had been served with a written notice that the plan had been declared effective, setting forth the terms of sale and the names of the tenants of the controlled housing accommodations who had purchased the stock allocated to their own housing accommodations or to vacant housing accommodations, and the names and addresses of other purchasers of vacant housing accommodations; and that the tenants of controlled housing accommodations who had not as yet purchased still had the exclusive right, for a period of 30 days from the date of service of the notice, to purchase the stock allocated to their housing accommodations on the terms previously offered to the tenants; except where:
(5) As used herein, the term tenant-owner includes only:
(c)
(d) Where the landlord purchased and thereby acquired title to the premises on or after September 17, 1947, no certificate shall be issued under this section unless the landlord, on or before the date of the filing of the application, has made a payment or payments totaling at least 20 percent of the purchase price or the assessed valuation of the premises, whichever is the greater; provided, however, that where the administrator finds:
(e) [Reserved]
(3) No certificate of eviction shall be issued under paragraph (1) of this subdivision unless the applicant shall establish compliance with the following requirements:
(ii) Within five days after the date of such formal filing of the offering statement and offering plan with the Department of Law of the State of New York, each tenant in occupancy of a controlled housing accommodation in the premises on the date of recording the declaration was:
(c) notified in writing, by registered or certified mail, that:
(2) no public offering for the sale of any unit in the premises will be made until at least 35 percent of the tenants in occupancy on the date of recording the declaration have agreed to purchase the unit then occupied by the individual tenant.
Housing accommodations vacant on the date of recording the declaration, or subsequently vacated, shall not be included in the computation of the 35-percent requirement, except when the vacant housing accommodation is purchased for personal occupancy by a tenant of a controlled housing accommodation in the premises.
(v) Within 10 days from the date of mailing the notice required by subparagraph (iii) of this paragraph, the following shall be filed with the district rent office having jurisdiction:
(4) As used in paragraph (1) of this subdivision, the term purchased by persons who were tenants includes only:
(f)