Accessibility questions:
Notice of Public Hearing
NOTICE IS HEREBY GIVEN THAT A REAL PROPERTY ACQUISITIONS AND DISPOSITIONS PUBLIC HEARING, in accordance with Section 824 of the New York City Charter, will be held on May 10, 2017 at 10:00 a.m., 1 Centre Street, Mezzanine, Borough of Manhattan, in the matter of a lease for the City of New York, as tenant, for space consisting of part of the 20th floor and the entire 21st , 22nd, 23rd, 24th and 25th floors of the building located at 375 Pearl Street (Block 113, Lot 1001) in the Borough of Manhattan to be used by Human Resources Administration or a successor agency as the Commissioner of the Department of Citywide Administrative Services may determine, for general, administrative and executive offices and related ancillary uses, subject to the terms and conditions set forth in the lease.
The proposed use was approved by the City Planning Commission pursuant to NYC Charter Section 195 on April 12, 2016 (CPC Appl. No. N 160195 PXM) Public Hearing Cal. No. 2.
The proposed lease shall be for a period of twenty (20) years and 253 days following the Lease Commencement Date. The base rent shall be payable on the 254th day following the Lease Commencement Date, at an annual rent of $8,964,221.25 for the first five (5) years; $9,787,960.50 for the following five (5) years; $10,611,699.75 for the following five (5) years; and $11,435,439.00 for the last five (5) years payable in equal monthly installments at the end of each month.
Tenant shall have the one time right to terminate the lease, effective on the tenth (10th) anniversary of the Base Rent Commencement Date, upon one (1) year’s prior written notice to Landlord. In the event that the lease is terminated by the Tenant, the Tenant shall pay to the Landlord a termination fee, in the amount of: (1) six (6) months of the escalated rent; and (2) the unamortized portion of Landlord’s contribution for the Tenant alterations and improvements, free rent and the brokerage commissions, together with interest at 6%.
The Tenant shall have two (2) rights to renew the lease for a period of five (5) years each at an annual rental of 90% Fair Market Value.
The Landlord shall prepare final architectural plans and engineering plans for the alterations and improvements. The alterations and improvements consist of Base Building Work, which the Landlord shall provide at its sole cost and expense, and Tenant Fit-Out Work. The total cost of the final architectural and engineering plans for the Tenant Fit-Out Work and the Tenant Fit-Out Work shall not exceed $25,969,448, of which the Landlord shall contribute $12,598,365 and the balance up to $13,371,083 will be paid by the Tenant.
The Tenant shall reimburse the Landlord for Tenant’s share of the Tenant Fit-Out Work costs via Construction Period Rent to be disbursed in installments, all as more specifically set forth in the lease.
The Landlord shall make available to Tenant up to 63 parking spaces in the Building’s garage or at a nearby parking facility at a monthly rental rate of $600 per space per month for cars parked in the Building’s garage, and $450 per space per month for cars and $550 per space per month for vans parked at the nearby parking facility, subject to rent escalations, all as more specifically set forth in the lease.
Further information, including public inspection of the proposed lease may be obtained at One Centre Street, Room 2000 North, New York, N.Y. 10007. To schedule an inspection, please contact Chris Fleming at (212) 386-0315.
Individuals requesting Sign Language Interpreters should contact the Mayor’s Office of Contract Services, Public Hearings Unit, 253 Broadway, 9th Floor, New York, N.Y. 10007, (212) 788-7490, no later than SEVEN (7) BUSINESS DAYS PRIOR TO THE PUBLIC HEARING. TDD users should call VERIZON relay services.