condominium conversion

[knen]

Can anyone enlighten me on the procedure for converting a 24 unit building with many rent stablized tenants to condo? I figure a master corporation is formed to buy the building from the landlord and then pieces of the building are sold off to individual owners. Tenants have a right to buy but don't have to right? And if they don't buy I suppose their rent regulations continue and the condo association is the new landlord or else the master corp stays intact and is the new LL. Is this right? Anyone know or have links for me. Thanks.