§ 26-09 Phase-In of New Rents of Not-For-Profit Tenants.
RCNY § 26-09
(a)Where the Commercial Rent Restructuring Committee determines that the difference between the new rent and the current rent of a commercial unit whose tenant is a qualified not-for-profit organization is an increase of more than 10 percent of the current rent, the Committee shall direct that the new rent be phased in. The current rent of such unit shall be increased each year until the rent shall equal the new rent, but each such increase shall be no more than 10 percent of the prior year's rent for each of the first five years. On the fifth anniversary of the Commercial Rent Restructuring Committee's implementation of the rent increase, the rent shall increase by 15 percent each year until the rent charged shall equal the new rent.
(b)Notwithstanding subdivision (a) above, in no event shall the first rent increase of the phase-in result in a rent less than $150.
