2023 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.