In NYC, all buildings must be built to NY City Code, unless that requirement is waived because the building is required to be built to NY State Code. Before you sign a contract of sale, your attorney will conduct significant due dilligence to determine whether there may be existing violations, problems, or if such have existed in the past. (S)he will also review the financials of the building to determine whether it is being properly managed.
The building you are asking about has income restrictions which, upon resale, could limit your market. However, the restriction is a realistic one.
The Corcoran Group
VP, Associate Broker