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A08146 Summary:

BILL NOA08146
 
SAME ASNo Same As
 
SPONSORNiou
 
COSPNSR
 
MLTSPNSR
 
Amd §1974-b, Pub Auth L
 
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.
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A08146 Actions:

BILL NOA08146
 
07/07/2021referred to housing
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A08146 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A8146
 
SPONSOR: Niou
  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   PURPOSE: To preserve and protect the affordability of the approximately 3900 condominium units in Battery Park City by limiting the annual adjustment starting January 2022.   JUSTIFICATION: 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.   LEGISLATIVE HISTORY: New bill.   FISCAL IMPLICATIONS: To be determined   EFFECTIVE DATE: This legislation will take effect 180 days after it shall become law.
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A08146 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8146
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                      July 7, 2021
                                       ___________
 
        Introduced  by  M. of A. NIOU -- read once and referred to the Committee
          on Housing
 
        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.
                                                                   LBD11269-05-1
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