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.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A8146
TITLE OF BILL:
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
To preserve and protect the affordability of the approximately 3900
condominium units in Battery Park City by limiting the annual adjustment
starting January 2022.
In order to preserve the affordability and facilitate the diversity of
Battery Park City, this bill will require the BPC Authority to offer a
lease extension for the 18 residential condominium buildings within BPCA
and limit the annual adjustments to the lesser of: the currently sched-
uled rent increase, or the annual adjustment of rent increase pursuant
to the NYC rent guidelines board.
SUMMARY OF PROVISIONS:
Section 1: Amends the public authorities law to require the Battery Park
City Authority offer, within 90 days of the effective date of this bill,
each building with residential condo units an amended sublease which
limits the annual adjustment starting January 2022 to the lesser of the
currently scheduled rent increase or to no more than the annual adjust-
ment of rent pursuant to the NYC rent guidelines board. This section
additionally extends the expiration date of the sublease to 2168.
To be determined
This legislation will take effect 180 days after it shall become law.
STATE OF NEW YORK
2021-2022 Regular Sessions
July 7, 2021
Introduced by M. of A. NIOU -- read once and referred to the 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-two, and for
12 the duration of each ground lease to the lesser of: (i) the currently
13 scheduled rent increase; or (ii) to no more than the annual adjustment
14 of rent for apartments or lofts pursuant to an order of the New York
15 city rent guidelines board; (b) which extends the expiration date of
16 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-
22 cle nine-B of the real property law and that is used predominantly for
23 residential purposes.
24 § 2. This act shall take effect on the one hundred eightieth day after
25 it shall have become a law and shall apply to any ground lease in effect
26 on or after such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 is old law to be omitted.