NY State -Security Deposits

[Reuben Dacher-Shapiro]

I was hoping someone could clarify the law around security deposits in New York. As I understand it, the law requires landlords keep security deposits in interest bearing accounts, IF the building has 6 or more units.

I do not believe there is any accompanying legislation for residential landlords. As such, can you keep a security deposit in a non-interest bearing checking account? Further, do you have to keep security deposits for residential tenants in separate accounts?