On March 24, 1988, petitioner, the owner of apartment buildings located at 140-142 West 4th Street in New York City, submitted to respondent a proposed offering plan to convert 47 of the 48 residential apartments located at the premises into condominium ownership. Submitted along with the plan was an affidavit of Aldo Piga, one of petitioner's principals, which indicated that there were no excessive long-term vacancies
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