§ 499-cc. Eligibility requirements. 1. No abatement shall be granted\npursuant to this title unless:\n (a) the landlord enters into a lease for eligible premises with a new\ntenant or a renewal tenant and:\n (1) the lease commencement date is within the eligibility period;\n (2) (i) if, by the sixtieth day following the rent commencement date,\nsuch new or renewal tenant employs one hundred twenty-five or fewer\nemployees in the eligible premises, the initial lease term is for a\nperiod of at least five years or, with respect to a lease commencing on\nor after April first, nineteen hundred ninety-seven, the initial lease\nterm is for a period of at least three years; or (ii) if, by the\nsixtieth day following the rent commencement date, such new or renewal\ntenant employs more than one hundred twenty-five employees in the\neligible premises, the initial lease term is for a period of at least\nten years; or (iii) with respect to a lease for eligible premises as\ndefined in subparagraph (ii) of paragraph (b) or paragraph (c) of\nsubdivision ten of section four hundred ninety-nine-aa of this title\ncommencing on or after July first, two thousand five, the initial lease\nterm is for a period of at least three years; and\n (3) (i) if the lease is with a new tenant required to sign a lease\nwith an initial lease term of at least five years, expenditures on\nimprovements to the eligible premises and the common areas of the\neligible building are in an amount at least equal to five dollars per\nsquare foot, provided, however, that with respect to a lease commencing\non or after April first, nineteen hundred ninety-seven, if, by the\nsixtieth day following the rent commencement date, the new tenant\nemploys one hundred twenty-five or fewer employees in the eligible\npremises, expenditures on improvements to the eligible premises and the\ncommon areas of the eligible building are in an amount at least equal to\ntwo dollars and fifty cents per square foot; or (ii) if the lease is\nwith a new tenant required to sign a lease with an initial lease term of\nat least ten years, expenditures on improvements to the eligible\npremises and the common areas of the eligible building are in an amount\nat least equal to twenty-five dollars per square foot; or (iii) if the\nlease is with a renewal tenant, expenditures on improvements to the\neligible premises and the common areas of the eligible building are in\nan amount at least equal to five dollars per square foot for any\npremises previously occupied by such renewal tenant, provided, however,\nthat with respect to a lease commencing on or after April first,\nnineteen hundred ninety-seven, if, by the sixtieth day following the\nrent commencement date, the renewal tenant employs one hundred\ntwenty-five or fewer employees in the eligible premises previously\noccupied by such renewal tenant, expenditures on improvements to the\neligible premises and the common areas of the eligible building are in\nan amount at least equal to two dollars and fifty cents per square foot;\nand in an amount at least equal to the amount specified in clause (i) or\n(ii) of this subparagraph, depending upon the required initial lease\nterm, for any premises not previously occupied by such renewal tenant;\nor (iv) if the lease is with a new tenant for eligible premises as\ndefined in subparagraph (ii) of paragraph (b) or paragraph (c) of\nsubdivision ten of section four hundred ninety-nine-aa of this title,\nexpenditures on improvements to the eligible premises and the common\nareas of the eligible building are in an amount at least equal to two\ndollars and fifty cents per square foot; or (v) if the lease is with a\nrenewal tenant for eligible premises as defined in subparagraph (ii) of\nparagraph (b) or paragraph (c) of subdivision ten of section four\nhundred ninety-nine-aa of this title, expenditures on improvements are\nin an amount at least equal to five dollars per square foot for any\npremises previously occupi
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.