A New York lease agreement is a binding contract that allows a landlord to rent residential or commercial space to a tenant in exchange for payment. Landlord must return the security deposit within 14 days of the tenant moving out.Create your free New York sublease agreement and legally sublet your property. Download our template as a PDF or Word file here. I signed a lease for an apartment in NYC and just found out that I will have to leave the area in 5 months. Subletting it is illegal. You can easily make a Sublease Agreement suitable for any state using Rocket Lawyer. I recently accepted a teaching job in a High School in the Bronx, and I am looking to sublet a room or studio. Well, as per lease, tenant is currently in default for not completing terms of lease. Lease states no Deposit to be returned for failure of any terms.