S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8146--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               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:
 
   Section 1. Section 1974-b of the public authorities law is amended  by
 adding a new subdivision 3 to read as follows:
   3. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, THE AUTHORITY
 SHALL,  WITHIN  NINETY  DAYS  OF THE EFFECTIVE DATE OF THIS SUBDIVISION,
 OFFER TO EACH BUILDING WITH RESIDENTIAL CONDOMINIUM UNITS IN THE BATTERY
 PARK PROJECT AREA AN AMENDMENT TO SUCH BUILDING'S  RESIDENTIAL  SUBLEASE
 TO  THE  LEASE  BETWEEN  THE  CITY  OF NEW YORK AND THE AUTHORITY, DATED
 NOVEMBER TWENTY-FOURTH, NINETEEN HUNDRED SIXTY-NINE AND RECORDED  DECEM-
 BER  TWENTY-SIXTH,  NINETEEN  HUNDRED SIXTY-NINE ON PAGE ONE OF REEL ONE
 HUNDRED SIXTY-ONE, AND ANY SUBSEQUENT AMENDMENTS, WHICH (A)  LIMITS  THE
 ANNUAL  ADJUSTMENT  STARTING  IN JANUARY, TWO THOUSAND TWENTY-THREE, AND
 FOR THE DURATION OF EACH GROUND LEASE TO THE LESSER OF: (I) THE CURRENT-
 LY SCHEDULED RENT INCREASE; OR (II) TO NO MORE THAN THE  ANNUAL  ADJUST-
 MENT  OF  RENT  FOR  APARTMENTS OR LOFTS PURSUANT TO AN ORDER OF THE NEW
 YORK CITY RENT GUIDELINES BOARD; (B) WHICH EXTENDS THE  EXPIRATION  DATE
 OF SUBLEASE TO JUNE SEVENTEENTH, TWENTY-ONE HUNDRED SIXTY-EIGHT; AND (C)
 WHICH  REMOVES ANY LANGUAGE FROM SUCH SUBLEASE THAT IS INCONSISTENT WITH
 THE PROVISIONS OF PARAGRAPHS (A) AND (B) OF THIS SUBDIVISION.  NO  OTHER
 CHANGES  TO  SUCH  SUBLEASES  SHALL  BE INCLUDED IN SUCH AMENDMENT.  FOR
 PURPOSES OF THIS SUBDIVISION,  "BUILDING  WITH  RESIDENTIAL  CONDOMINIUM
 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
 
 CLE NINE-B OF THE REAL PROPERTY LAW AND THAT IS USED  PREDOMINANTLY  FOR
 RESIDENTIAL PURPOSES.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law and shall apply to any ground lease in effect
 on or after such effective date.