NY S02592

Adds demolition costs as a lien on residential property in New York City's administrative code, making them collectible like taxes and water rents.

Caps demolition cost charges at 25 percent of the total insurance settlement received by the property owner from their insurance carrier.

Exempts demolition charges if the arson was committed by the legal property owner or an occupant of the residential property.

Provides one-, two-, or three-family residential property owners a 10-year grace period before the city can sell the property as a tax lien for unpaid demolition costs.

Allows one-, two-, or three-family residential property owners with demolition liens to have 10 years to pay back taxes or existing liens, with interest fees waived.