Registration of commercial leases.

A Local Law to amend the administrative code of the city of New York, in relation to registration of commercial leases

This bill would require landlords to register commercial leases with the city’s Department of Finance (“DOF”) indicating specific information regarding the lease length, cost and assignment of responsibility for property taxes and maintenance of the leased premises. The bill would also require DOF to submit annual reports to the Mayor, Speaker and Comptroller indicating common terms of commercial leases, and how those terms vary citywide and between business improvement districts.