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Lyft cleared to operate in New York City

The Lyft app is demonstrated on an Apple iPhone 5s.
Andrew Harrer | Bloomberg | Getty Images
The Lyft app is demonstrated on an Apple iPhone 5s.

Lyft has signed an agreement with New York authorities that will allow the ridesharing service to launch in New York City with commercial drivers, New York Attorney General Eric Schneiderman announced on Friday.

The agreement, which also included the state's top insurance regulator, Benjamin Lawsky, also calls for Lyft to suspend its current operations in Buffalo and Rochester by Aug. 1.

Read MoreLyft stalls NYC launch amid legal squabbles

The deal comes one week after Schneiderman and Lawsky asked a state judge to block Lyft's planned New York City launch just hours before it was set to start, claiming the company had ignored licensing and insurance laws.

— By Reuters