Hi,
I just obtained a property with a tenant who is paying way below the rent value for a 1 bedroom. She is a friend of the previous owner, who was doing the tenant a favor by letting her pay the low amount. I am the new owner and would like to raise the rent up to value for the 1 bedroom. I know I have to make sure I give a 30 d ay notice of the rental increase. Is this the only procedure that I must take? Are there laws in NY that say I must increase the rent by a certain percentage?
The tenant does not have a lease.

Yes I beleve there is, Esp if this is within NYC. Some even have rent controls that are very strict. A call to a real estate broker or a property management office in your area should get you the answer you need

I am sorry I don't have the links, but I know when I used to live up there, they had many restrictions on my landlord