To be entitled to rent protection, a rent stabilized apartment has to be your primary residence. The Rent Stabilization Code section 2520.11(k) excludes from protection "housing accommodations which are not occupied by the tenant, not including subtenants or occupants, as his or her primary residence as determined by a court of competent jurisdiction."
You can own property elsewhere as long as you can prove that the apartment is your primary residence.
For further information, you can contact NYS Homes and Community Renewal (HCR) , the state agency which administers the rent laws and read about Non-Primary Residency .
"Primary residence" is explained on HCR’s Non-Primary Residency webpage .
If the landlord seeks to terminate your tenancy on non-primary residence grounds s/he is required to provide two advance notices: The landlord must give between 90 and 150 days’ notice prior to the expiration of your lease of his/her intention to refuse to renew your lease and 30 days’ notice of termination. These notices may be combined in one notice. Should you refuse to vacate, the landlord will then serve a holdover petition with a notice of petition. This latter document is usually served at least 5 and no more than 12 days before a court appearance is required. More information about "holdover proceedings" can be found on our Legal Assistance page