N.Y.C. Admin. Code § 26-405

Citation
N.Y.C. Admin. Code § 26-405
Source
Official source
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https://codelibrary.amlegal.com/codes/newyorkcity/latest/NYCadmin/0-0-0-206052 ↗

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(d) the presence of deferred amortization in purchase money mortgages, or the assignment of such mortgage at a discount;

(e) Any other facts and circumstances surrounding such sale which, in the judgment of such agency, may have a bearing upon the question of financing; and

(iii) Where the assessed valuation of the land exceeds four times the assessed valuation of the buildings thereon, the city rent agency may determine a valuation of the property equal to five times the assessed valuation of the buildings, for the purposes of this subparagraph (a).

(2) An application for an increase in any maximum rent under this subparagraph (a) of this paragraph one may not be filed with respect to any property if, on the date when the application is sought to be filed:

(i) Less than two years have elapsed since the date of the filing of the last prior application for an increase under this subparagraph (a) of this paragraph one with respect to such property, which application resulted in the granting of an increase; or

(ii) Less than two years have elapsed since the last sale of the property, and the application is based upon a sale price in excess of the assessed valuation. This subitem shall not apply, however, where less than two years have elapsed since the last sale of the property and the application is based upon a sale within such two-year period at a price in excess of the assessed valuation, if such price is less than the price in the last sale which meets the criteria heretofore specified in this subparagraph (a) occurring prior to two years before the application is sought to be filed and since February first, nineteen hundred sixty-one.