2023 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.