Requiring owners to submit registration statements regarding ground floor and second floor commercial premises.

A Local Law to amend the administrative code of the city of New York, in relation to requiring owners to submit registration statements regarding ground floor and second floor commercial premises

This bill would require the department of finance to collect data and establish a public dataset of commercial properties in the City. Such dataset would contain the following data disaggregated by council district and census tract: the median and average total duration of leases; the median and average remaining term to lease expiration; the median and average size of rentable floor area per premises lease; the number of such premises reported as being leased and vacant; the median and average rent; and the number of such premises whose lease is due to expire within two years of June 1 of the current calendar year. The bill would further require the release of a list of addresses of commercial properties, and whether or not those properties are vacant. The owners of a ground floor or second floor commercial premises would be required to submit this information to the department of finance as a part of the annual income and expense statement submission. Supplemental registrations are required if the premises become vacant or the ownership of the premises has changed.