Corporate Owners of a Covered Property.
19 RCNY § 62-02
in effect§ 62-02 Corporate Owners of a Covered Property.
(a) For purposes of determining whether a person is a covered owner under Chapter 32 of Title 11 of the Administrative Code, real property classified as class one or a residential condominium dwelling unit is held, or shares of stock in a cooperative corporation entitling the holder of such shares to a propriety lease in a dwelling unit are held, by a partnership, corporation or limited liability company only where such partnership, corporation or limited liability company holds an undivided fee interest in such property or holds all such shares of stock. A partner or partners, shareholder or shareholders or member or members of such partnership, corporation, or limited liability company, respectively, who individually or jointly hold a majority interest in such partnership, corporation or limited liability company shall only be deemed to be a covered owner or covered owners for the purposes of Chapter 32 of Title 11 of the Administrative Code if such partnership, corporation or limited liability company holds an undivided fee interest in such property or holds all such shares of stock.
(b) Partners of a partnership, shareholders of a corporation, or members of a limited liability company who are covered owners of a covered property or, in the case of a covered property that is a residential cooperative property, a residential cooperative dwelling unit, shall only be considered primary residents of such property or dwelling unit under Chapter 32 of Title 11 of the Administrative Code if such property or dwelling unit serves as the primary residence of such partners, shareholders, or members holding a majority interest in such partnership, corporation, or limited liability company.
(c) For purposes of determining whether a person is a covered owner under Chapter 32 of Title 11 of the Administrative Code, contingent or future interests in a trust’s estate will not be considered in determining whether such person is the sole beneficiary of such trust.
(Added City Record 7/14/2026, eff. 7/14/2026)
Source: City of New York, Charter, Administrative Code and Rules (American Legal Publishing XML export, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/newyorkcity/latest/NYCrules/0-0-0-156110Fetched: 10/24/2026