Bill Text: NY A08146 | 2021-2022 | General Assembly | Amended

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Bill Title: Requires the Battery Park city authority to offer certain amendments to the subleases of buildings with residential condominium units limiting the annual adjustment of rent, extending the expiration date, and removing certain language from the subleases.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2022-05-11 - print number 8146a [A08146 Detail]

Download: New_York-2021-A08146-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         8146--A

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      July 7, 2021
                                       ___________

        Introduced  by  M.  of  A.  NIOU,  FALL -- read once and referred to the
          Committee on Housing -- recommitted to the  Committee  on  Housing  in
          accordance  with  Assembly  Rule 3, sec. 2 -- reported and referred to
          the Committee on Ways and Means -- committee discharged, bill amended,
          ordered reprinted as amended and recommitted to said committee

        AN ACT to amend the public authorities law, in relation to requiring the
          Battery Park  city  authority  to  offer  certain  amendments  to  the
          subleases of buildings with residential condominium units

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 1974-b of the public authorities law is amended  by
     2  adding a new subdivision 3 to read as follows:
     3    3. Notwithstanding any provision of law to the contrary, the authority
     4  shall,  within  ninety  days  of the effective date of this subdivision,
     5  offer to each building with residential condominium units in the Battery
     6  Park project area an amendment to such building's  residential  sublease
     7  to  the  lease  between  the  city  of New York and the authority, dated
     8  November twenty-fourth, nineteen hundred sixty-nine and recorded  Decem-
     9  ber  twenty-sixth,  nineteen  hundred sixty-nine on page one of reel one
    10  hundred sixty-one, and any subsequent amendments, which (a)  limits  the
    11  annual  adjustment  starting  in January, two thousand twenty-three, and
    12  for the duration of each ground lease to the lesser of: (i) the current-
    13  ly scheduled rent increase; or (ii) to no more than the  annual  adjust-
    14  ment  of  rent  for  apartments or lofts pursuant to an order of the New
    15  York city rent guidelines board; (b) which extends the  expiration  date
    16  of sublease to June seventeenth, twenty-one hundred sixty-eight; and (c)
    17  which  removes any language from such sublease that is inconsistent with
    18  the provisions of paragraphs (a) and (b) of this subdivision.  No  other
    19  changes  to  such  subleases  shall  be included in such amendment.  For
    20  purposes of this subdivision,  "building  with  residential  condominium
    21  units"  shall mean a building that is subject to the provisions of arti-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11269-06-2
        A. 8146--A                          2

     1  cle nine-B of the real property law and that is used  predominantly  for
     2  residential purposes.
     3    § 2. This act shall take effect on the one hundred eightieth day after
     4  it shall have become a law and shall apply to any ground lease in effect
     5  on or after such effective date.