New York Commercial Lease Agreement PDF
New York at a glance: Deposit Trust Rule: Deposit must be kept in trust (N.Y. GOL § 7-103) · Security Deposit Return: Reasonable time (no statutory limit) · Default Eviction: Summary proceedings required (RPAPL § 711)
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Commercial Lease Agreements in New York
New York commercial leases are governed by the Real Property Law and General Obligations Law. Landlords must hold security deposits in trust (N.Y. GOL § 7-103) and notify the tenant of the bank name and address.
New York does not have a statutory return timeline for commercial deposits, but courts require it to be returned within a "reasonable time" after lease expiration.
New York Commercial Lease Agreement — Quick Reference
| Requirement | New York Rule |
|---|---|
| Deposit Trust Rule | Deposit must be kept in trust (N.Y. GOL § 7-103) |
| Security Deposit Return | Reasonable time (no statutory limit) |
| Default Eviction | Summary proceedings required (RPAPL § 711) |
| Governing Law | N.Y. Real Property Law |
New York Legal Requirements
- Lease must state that the deposit will not be commingled with the landlord's personal funds.
- Landlords must notify the tenant of the interest rate and banking institution.
New York Governing Laws
Read the full text of these laws at Cornell Law School's New York legal resources or your state legislature's official website.