New York rent contol question.

[Michael Doto]

Not sure if anyone is familiar with the new rent contol laws in New York but have a question. 

Currently have an apartment that has 3 units that has been under rent contol forever. They currently rent for only $500 and the current tenant in one of the units is finally moving out. With these new laws, am i able to finally increase the rent to market value or are is the apartment still technically under rent contol. I have heard multiple opinions where i would still not be able to up the rent. 

Any insight would be helpful.