N.Y.C. Admin. Code § 26-405

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

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(ii) Such agency may make a determination that the value of the property is an amount different from the assessed valuation where there has been a bona fide sale of the property within the period February first, nineteen hundred sixty-one, and the time of filing of the application, as the result of a transaction at arm's length, on normal financing terms, at a readily ascertainable price, and unaffected by special circumstances such as but not limited to a forced sale, exchange of property, package deal, wash sale or sale to a cooperative; provided, however, that where an application was filed under this subparagraph (a) on or before the effective date of this sub-item (ii), the city rent agency may determine the value of the property on the basis that there has been a bona fide sale of the property within the period between March fifteenth, nineteen hundred fifty-eight, and the time of the filing of the application. In determining whether a sale was on normal financing terms, such agency shall give due consideration to the following factors:

(a) the ratio of the cash payment received by the seller to (1) the sales price of the property and (2) the annual gross income from the property;

(b) the total amount of the outstanding mortgages which are liens against the property (including purchase money mortgages) as compared with the assessed valuation of the property;

(c) the ratio of the sales price to the annual gross income of the property, with consideration given to the total amount of rent adjustments previously granted, exclusive of rent adjustments because of changes in dwelling space, services, furniture, furnishings or equipment, major capital improvements, or substantial rehabilitation;