N.Y. Public Authorities Law § 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.