NY Pub Auth L § 1974-B (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 12 1974-B - Lease and Other Agreements.

§  1974-b.  Lease  and  other agreements. 1. As used or referred to in this title, unless a different meaning clearly appears from the context:  (a) "owner" shall mean any individual, partnership, trust or public or private  corporation  (including  a  cooperative  housing  corporation), holding the tenant's interest in a residential lease.  (b)  "residential  lease"  shall  mean  a  lease,  sublease  or  other agreement that relates to all or a portion of a project,  where  all  of such  project,  or  the portion thereof to which such lease, sublease or other agreement relates, is designed and intended  for  the  purpose  of providing   housing   accommodations  and  such  facilities  as  may  be incidental thereto, the landlord's interest in  which  is  held  by  the authority at the time such lease, sublease or other agreement is entered into.  (c)  "underlying  parcel" shall mean a parcel subject to a residential lease; provided, however, that in any case where the  tenant's  interest in  a  residential  lease  is  held by a unit owner, "underlying parcel" shall mean the parcel in which the unit is included.  (d) the  terms  "unit  owner"  and  "unit"  shall  have  the  meanings specified  in  section  three hundred thirty-nine-e of the real property law. The term "parcel" shall have the meaning specified in  section  one hundred two of the real property tax law; provided, however, that in any case  where  the  tenant's  interest in a residential lease is held by a unit owner, "parcel" shall mean the real property deemed to be a  parcel pursuant  to  paragraph  (a) of subdivision two of section three hundred thirty-nine-y of the real property law.   2. (a) If an underlying parcel is exempt from real property taxes,  or no real property taxes are payable with respect thereto, pursuant to the provisions  of  section  nineteen hundred eighty-one of this title or of section twenty-two of chapter one hundred seventy-four of  the  laws  of nineteen  hundred sixty-eight, the residential lease for such underlying parcel shall provide for the payment by the owner  of  such  residential lease  to the authority of annual or other periodic amounts equal to the amount of real property taxes that otherwise would be  paid  or  payable with  respect to such underlying parcel, after giving effect to any real property  tax  abatements  and  exemptions,  if  any,  which  would   be applicable  thereto,  if  the  provisions  of  section  nineteen hundred eighty-one of this title or of section twenty-two of chapter one hundred seventy-four of the  laws  of  nineteen  hundred  sixty-eight  were  not applicable to such underlying parcel.  (b)  If  an  underlying  parcel  is owned by the city of New York, the residential lease for such  underlying  parcel  shall  provide  for  the payment  by  the owner of such residential lease to the city of New York of annual or other periodic amounts equal to the amount of real property taxes that are payable with respect to  such  underlying  parcel,  after giving  effect  to  any  real property tax abatements and exemptions, if any, which are applicable thereto.  (c) Where the owner of  a  residential  lease  is  assessed  for  real property  taxes  with  respect  to the underlying parcel subject to such residential lease pursuant to section  five  hundred  two  of  the  real property  tax  law  and  section three hundred thirty-nine-y of the real property law, payment of such real  property  taxes  shall  be  credited against  the  annual  or  periodic  amounts of tax equivalency payments, payments in lieu of taxes or similar payments required to be paid  under such residential lease.