NY Real Prop Actions L § 1221 (2021)
2021 New York Laws RPA - Real Property Actions and Proceedings Article 12 - Other Actions and Proceedings Between Co-Owners or Owners of Successive Interests 1221 - Action to Sell Preemptive Rights Against the City of New York.

§ 1221. Action to sell preemptive rights against the city of New York.   1. In all cases where several persons are the owners, or claim to be the   owners  of  any  real estate or chattels real lying within the bounds of   the city of New York, having different estates,  or  estates  in  common   therein,  in possession, remainder, or reversion, and which such persons   shall, by virtue of such ownership,  or  claim  to  such  ownership,  be   entitled, or claim to be entitled, by law to a preemptive right to have,   take,  or  demand  the  grant or lease of any other land, or easement in   land, from such city, the supreme court shall have power, and such court   is hereby vested with full power and authority, on  the  application  of   either  of  such owners, or of such city, to decree an absolute sale and   conveyance of such right of preemption, and to make such disposition  of   the  net  moneys  arising from such sale, after the payment of the costs   and expenses of the proceedings, as shall be just and proper,  according   to the rights and interests of such several owners.2.  Whenever any owner shall reside in the city of New York, notice of   such intended application shall be served personally on such  owner,  or   by  leaving  the same at his dwelling-house with some person of suitable   age and discretion at least twenty days before such application is made;   and in all cases where such owner shall reside  out  of  such  city  and   within any of the United States, and such place of residence be known to   the  applicant,  such  notice shall be served by mail, addressed to such   owner at his place of residence,  at  least  three  months  before  such   application is made. Proof of such service by affidavit shall be made to   the  court before any order of sale shall be made. Any of the parties to   such suit may become the purchaser on such sale.3. In all cases where any owner shall be an infant, a  guardian  shall   be  appointed  for  such  infant,  who shall give the like security, and   possess the like powers, and discharge the like duties as in  cases  for   the partition of lands.4.  Such  sale  shall be made and conducted on like notice by the like   officer, and in the same manner and form as sales of real estate on  the   foreclosure  of a mortgage by virtue of a decree or order of such court,   and a deed of conveyance for such right  of  preemption  shall  in  like   manner be executed and delivered to the purchaser, which deed shall vest   in the purchaser absolutely all the claim, right, title, and interest of   the  owner  of such right of preemption, and every of them, of, in or to   such right of preemption thus sold and  conveyed;  provided  always,  in   every  case  the applicant shall give six weeks' previous notice of such   intended application if the owners entitled by law  to  such  preemption   right  are  residents,  and six months' previous notice of such intended   application if the owners entitled by law to such preemption  right  are   non-residents   of   the   state,   by   publication  for  three  months   successively, twice in each week, in two of the daily  papers  published   in  such  city  prior  to  such application to the court for an order of   sale; and provided also, that the court shall  be  satisfied  that  such   order  of  sale  shall  not  interfere  with  or  impair  the obligation   contained in any lease or contract made by such  city  to  or  with  any   person or persons whatsoever.5.  Whenever  a  right  of  dower,  whether  inchoate or consummate, a   tenancy by curtesy, or any other estate for life or for years shall have   existed in the preemptive rights so sold and conveyed, the owner of such   particular estate in the rights sold is entitled  to  receive  from  the   moneys arising from such sale either a sum in gross or the earnings of a   sum  invested  for his benefit. The determination as to whether a sum in   gross or the earnings of a sum invested shall be awarded to the owner of   such particular estate shall be governed by the  provisions  of  section   968 with respect to the proceeds of a sale in partition.