NY S09919

Establishes the "New York City Arts Space Act" to provide tax exemptions and benefits for affordable arts spaces in eligible residential buildings.

Requires affordable arts spaces to comprise a minimum of 2 percent of aggregate floor area in eligible multiple dwellings, rented at no more than $20 per square foot per year with annual increases capped at 3 percent.

Provides tax exemption benefits ranging from 25 to 35 years based on below-market rental rates, with additional extensions up to 5 years and full exemptions for spaces rented below $10 per square foot with tenant improvement allowances of $50-$100 per square foot.

Applies only to nonprofit arts organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code and incorporated or registered in New York State.

Requires rental agreements to be entered within one year of the building receiving temporary certificate of occupancy, with benefits retroactive to the building's completion date if all requirements are met.