Petitioner’s argument that it is not covered by the Rent Stabilization Code because the City of New York previously owned the premises is untenable. Even its own co-op conversion plan states, "The Rent Stabilization Law and Code of the City of New York ('Rent Stabilization’), and the General Business Law of the State of New York, which govern private co-op conversions and rent regulation, do not legally apply until the co-op corporation takes title to the building.” Clearly *736under the terms of the plan, the Rent Stabilization Code applies.
General Obligations Law § 352-eeee et seq. sets strictures on cooperative conversions and it is the petitioner/tenant corporation, albeit through New York City’s interim lease program, that owned the building at the time of conversion. The petitioner has not shown its exemption from either the Rent Stabilization Code or the General Obligations Law. The mere fact that respondent was not in occupancy on the date that the plan was accepted by the Attorney-General is not relevant where the petitioner issued a lease beginning November 1982 and expiring November 1984. This lease clearly was entered into after conveyance by the City and the apartment registration indicates that in 1985 it was a rent-stabilized apartment. Moreover, petitioner readily admits that its corporation was formed pursuant to Business Corporation Law § 402 and Private Housing Finance Law article 11. Under Private Housing Finance Law § 576 (1), "Every housing development fund company * * * shall enter into an agreement with the commissioner or with the supervising agency * * * to be regulated”. The Commissioner shall set maximum rentals (Private Housing Finance Law § 576 [1] [a]), require that the dwellings be available for persons or families at certain income lev