Enacts the New York city arts space act

This bill creates the New York City Arts Space Act to offer tax breaks to buildings that rent space to nonprofit arts organizations. To qualify, the arts space must be located in a residential building, cover at least two percent of the total floor area, and be leased at a rate of no more than twenty dollars per square foot per year. In exchange for meeting these requirements, building owners receive extended real property tax exemptions and potential one-hundred percent tax relief for the first five to ten years if they provide tenant improvement funds. The law applies to nonprofit groups registered in New York that use the space for studios, rehearsals, or public performances.