Nearly two weeks after New York's Attorney General, Eric T. Schneiderman, made a push to bar Lyft from offering its ridesharing service in New York City, both parties have finally come to an agreement. As a result, Lyft is now free to operate in all five boroughs of The Big Apple, after the company "agreed to operate in New York State in full compliance with existing laws and regulations." In addition, Lyft has also assured state officials it will operate with commercial drivers only. But it wasn't a complete win for the pink mustache company, as this agreement stipulates that Lyft must cease services in Buffalo and Rochester by next week, on August 1st.

"We are pleased that our offices have reached an agreement today with Lyft. We are firmly committed to the notion that regulators can work constructively with companies so that new ideas can come to the market -- and that smart regulation should create an environment where innovators can compete," reads the statement from the New York Attorney General and Superintendent. "We look forward to exploring solutions that enable companies in the sharing economy to operate and thrive throughout New York State."

For its part, Lyft, which is set to officially launch tonight in NYC, says "this agreement is the first big step in finding a home for Lyft's peer-to-peer model" in the Empire State. "We'll continue to work with the TLC, Department of Financial Services, and the Attorney General's office to craft new rules for peer-to-peer transportation in New York. We look forward to bringing the most affordable options to the areas that need it most, powered by their local residents."