Section 339-CC. Repair or reconstruction

1. Except as hereinafter provided,
  damage  to or destruction of the building shall be promptly repaired and
  reconstructed by the board of managers, using the proceeds of insurance,
  if any, on the building for  that  purpose,  and  any  deficiency  shall
  constitute  common expenses; provided, however, that if three-fourths or
  more  of  the  building  is  destroyed  or  substantially  damaged   and
  seventy-five  per  cent  or  more  of  the  unit  owners do not duly and
  promptly resolve to proceed with repair or restoration, then and in that
  event the property or so much thereof as shall remain, shall be  subject
  to an action for partition at the suit of any unit owner or lienor as if
  owned  in common, in which event the net proceeds of sale, together with
  the net proceeds of insurance policies, if any, shall be  considered  as
  one fund and shall be divided among all the unit owners in proportion to
  their  respective  common  interests, provided, however, that no payment
  shall be made to a unit owner until there has first been paid off out of
  his share of such fund all liens on his unit.
    2. Notwithstanding the provisions of subdivision one  hereof,  in  the
  case  of a qualified leasehold condominium, any damage to or destruction
  of the building shall be promptly  repaired  and  reconstructed  by  the
  board  of managers, and the proceeds of the insurance policy or policies
  required for qualified leasehold condominiums pursuant to the provisions
  of section three hundred thirty-nine-bb of this chapter shall  first  be
  applied to such repair and reconstruction.