Section 285. Owner protection

1.  Notwithstanding  the  provisions of
  section three hundred two or three hundred twenty-five of this  chapter,
  the  owner of an interim multiple dwelling may recover rent payable from
  residential occupants qualified for the protection of this article on or
  after April first, nineteen hundred eighty, and maintain  an  action  or
  proceeding  for  possession  of  such  premises for non-payment of rent,
  provided that he is in compliance with this article.
    2. Notwithstanding any other provision of this article, an  owner  may
  apply  to  the loft board for exemption of a building or portion thereof
  from this article on the basis that  compliance  with  this  article  in
  obtaining  a  legal  residential certificate of occupancy would cause an
  unjustifiable  hardship  either  because:  (i)   it   would   cause   an
  unreasonably  adverse  impact on a non-residential conforming use tenant
  within the building or,  (ii)  the  cost  of  compliance  renders  legal
  residential  conversion  infeasible. Residential and other tenants shall
  be given not less than sixty days notice in advance of the hearing  date
  for  such  application. If the loft board approves such application, the
  building or portion thereof shall be exempt from this article,  and  may
  be converted to non-residential conforming uses, provided, however, that
  the  owner  shall, as a condition of approval of such application, agree
  to file an irrevocable recorded covenant in  form  satisfactory  to  the
  loft  board  enforceable for fifteen years by the municipality, that the
  building will not be re-converted to residential uses during such  time.
  The  standard  for  granting such hardship application for a building or
  portion thereof shall be as follows: (a) the loft board shall only grant
  the minimum relief necessary to relieve any alleged  hardship  with  the
  understanding if compliance is reasonably possible it should be achieved
  even if it requires alteration of units, relocation of tenants to vacant
  space  within  the  building,  re-design  of  space or application for a
  non-use-related  variance,  special  permit,   minor   modification   or
  administrative  certification;  (b)  self-created  hardship shall not be
  allowed; (c) the  test  for  cost  infeasibility  shall  be  that  of  a
  reasonable  return  on  the  owner's  investment  not  maximum return on
  investment;  (d)  the  test  for  unreasonably  adverse  impact   on   a
  non-residential  conforming  use  tenant  shall  be  whether residential
  conversion would necessitate displacement.  Such  hardship  applications
  shall  be  submitted  to  the  loft  board  within  nine  months  of the
  establishment of the loft board (or, in the  case  of  interim  multiple
  dwellings  referred  to  in  subdivision  four  of  section  two hundred
  eighty-one of this chapter, within nine months of the effective date  of
  that  subdivision),  but shall not be considered, absent a waiver by the
  loft board, unless the owner has also filed an  alteration  application.
  In  determination  of  any such hardship application, the loft board may
  demand such information as it deems necessary.  In  approving  any  such
  hardship  application,  the  loft  board  may  fix  reasonable terms and
  conditions for the vacating of residential occupancy.
    3. An owner of an interim  multiple  dwelling  shall  be  exempt  from
  paying  a  conversion  contribution required by the zoning resolution of
  the city of New York for that  portion  of  any  building  or  structure
  determined by the loft board to be an interim multiple dwelling.
    * NB Terminates at the close of the calendar day May 31, 2010