NY S01077

Creates the "New York City Arts Space Act" requiring eligible multiple dwellings to dedicate at least 2% of floor area (up to 50% can be cellar space) to affordable arts space for nonprofit arts organizations

Caps rent for affordable arts space at $20 per square foot per year with annual increases limited to 3% throughout the restriction period

Provides increased property tax exemption benefits of 1% for every dollar below the $20 maximum rent during the first 20-30 years, increasing to 1.5% in subsequent years of the restriction period

Grants 100% property tax exemption for 5 years when rent is below $10 per square foot and the owner provides $50 per square foot tenant improvement allowance, or for 10 years with a $100 per square foot allowance

Requires rental agreements with eligible arts organizations to be executed within one year of the building receiving a temporary certificate of occupancy for residential space