In Jewish Theological Seminary of Am. v. Roy (188 Misc 2d 723 [App Term, 1st Dept 2001, per curiam], the building was rent stabilized and owned by a for-profit corporation when the tenant commenced occupancy. The building was then transferred to the petitioner, which changed the building into a not-for-profit stock corporation. The petitioner then attempted to evict several long-term stabilized tenants. The court noted that "the Rent Stabilization Law excuses a landlord from offering a renewal lease 'where the housing accommodation is owned by an institution operated exclusively on a non-profit basis and the tenant's initial tenancy commenced after the owner acquired the property.'" (JTS, 188 Misc 2d at 724.)