Brooklyn since 2014All five boroughsSame-day response during business hours

What is NYC AC § 26-2404?

Quick Answer

This section mandates the commissioner to submit an annual report to the mayor and the council speaker detailing the total number of buyout agreements executed in the previous year. The report includes financial details and lease duration for each agreement. Applies to the Department of Housing Preservation and Development (HPD).

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

Michael Nacmias - Founding PartnerMichael Sargo - Partner
From the team atNacmias Law Firm, PLLCBrooklyn-based attorneys representingproperty owners across all five boroughsMeet the team →

§ 26-2404 Department reporting requirements.

AC § 26-2404

No later than January 31, 2021, and by January 31 of each year thereafter, the commissioner shall submit a report to the mayor and the speaker of the council that contains the total number of buyout agreements executed during the prior calendar year. Such report shall include, but need not be limited to, the following for each census tract: 1. The amount of money or other consideration agreed upon in each such agreement; 2. The date that each such agreement was executed; and 3. The amount of time, in months, remaining in the lease for the dwelling unit subject to such agreement, provided that a tenant with a legal right to a lease renewal pursuant to state law shall be indicated as having an unlimited number of months remaining. (L.L. 2019/102, 6/8/2019, eff. 7/1/2020)

Common Questions

Our team

Meet the people you will work with

Free case review

Talk to an attorney before you act on NYC code.

Free 15-minute case review with the attorney handling your matter. Same-day response during business hours across all five boroughs — OATH hearings, Housing Court, and real estate closings.

Or email us

[email protected]

An attorney reads every message.

  • Same-day response

    During business hours

  • Direct attorney access

    Same lawyer from intake to close

  • Flat-fee pricing

    On most OATH and closing matters