N.Y. RPP Law § 339-CC

§ 339-cc. Repair or reconstruction. 1. Except as hereinafter provided,\ndamage to or destruction of the building shall be promptly repaired and\nreconstructed by the board of managers, using the proceeds of insurance,\nif any, on the building for that purpose, and any deficiency shall\nconstitute common expenses; provided, however, that if three-fourths or\nmore of the building is destroyed or substantially damaged and\nseventy-five per cent or more of the unit owners do not duly and\npromptly resolve to proceed with repair or restoration, then and in that\nevent the property or so much thereof as shall remain, shall be subject\nto an action for partition at the suit of any unit owner or lienor as if\nowned in common, in which event the net proceeds of sale, together with\nthe net proceeds of insurance policies, if any, shall be considered as\none fund and shall be divided among all the unit owners in proportion to\ntheir respective common interests, provided, however, that no payment\nshall be made to a unit owner until there has first been paid off out of\nhis share of such fund all liens on his unit.\n 2. Notwithstanding the provisions of subdivision one hereof, in the\ncase of a qualified leasehold condominium, any damage to or destruction\nof the building shall be promptly repaired and reconstructed by the\nboard of managers, and the proceeds of the insurance policy or policies\nrequired for qualified leasehold condominiums pursuant to the provisions\nof section three hundred thirty-nine-bb of this chapter shall first be\napplied to such repair and reconstruction.\n