For any publicly accessible private street proposed for certification pursuant to Section 127-422 (Certification for a publicly accessible private street), a restrictive declaration shall be provided to ensure the proper construction, improvement, operation, maintenance and repair of the roadbed and any sidewalk adjacent to the roadbed. Adequate security shall be specified in such declaration to ensure that the publicly accessible private street is maintained in accordance with the declaration. The restrictive declaration shall further specify that the publicly accessible private street shall not be used for any other purposes than street-related purposes, including, but not limited to, pedestrian and vehicular circulation, and shall be publicly accessible at all times. To ensure proper street use and provide enforcement, in accordance with the parking provisions set forth in the restrictive declaration, executed contracts with a security monitoring and a towing company shall be required prior to the issuance of a temporary certificate of occupancy. In addition, a reserve account with sufficient funds for the maintenance and capital repair of the constructed publicly accessible private street shall be maintained at all times. Such reserves, contracts, and the required maintenance and repair shall be the responsibility of a Property Owner’s Association that will oversee the management and maintenance of the publicly accessible private streets, upon the development on two or more zoning lots, and include as members all property owners of zoning lots bordering or containing the completed publicly accessible private streets. Filing and recording of the restrictive declaration shall be a precondition to the Chairperson’s certification under Section 127-422.

Such restrictive declaration shall be prepared in a form acceptable to the Department of City Planning, filed and duly recorded in the Borough Office of the Register of the City of New York, and indexed against the property. The restrictive declaration and any maintenance and operation agreement shall run with the land and be binding on the owners, successors and assigns.

In addition, the portions of the publicly accessible private streets on a developed zoning lot shall be recorded on the certificate of occupancy for such building by the Department of Buildings. The recording information of the restrictive declaration shall be included on the certificate of occupancy for any building, or portion thereof, issued after the recording date.