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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 July 19, 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, of space on the fifth floor of the building located at 233 Broadway (Block 123, Lot 1001) in the Borough of Manhattan for the Law Department to use as an office, or for such other use as the Commissioner of the Department of Citywide Administrative Services may determine.
The proposed use was approved by the City Planning Commission pursuant to NYC Charter Section 195 on March 9, 2016 (CPC Appl. No. N 160172 PXM Public Hearing Cal. No. 7).
The proposed lease shall be for a period of fifteen (15) years and five (5) months from the Substantial Completion of alterations and improvements, at an annual rent of $1,667,952 for the first five (5) years, $1,700,028 for the following five (5) years, and $1,732,104 for the last five (5) years, payable in equal monthly installments at the end of each month. Tenant shall pay a fixed annual charge in lieu of operating expense increases, at 2.5% per annum, on a cumulative and compounded basis, as further described in the lease. Rent will be abated for the entire premises for the first five (5) months of the lease.
The lease may be terminated by the Tenant at the end of the tenth (10th) year, or at any time thereafter, provided the Tenant gives the Landlord twelve (12) months prior written notice. If lease is terminated by Tenant, Tenant shall pay Landlord the unamortized portion of Landlord’s Contribution to the Tenant Work, the rent abatement and all brokerage commissions.
The Tenant shall have the right to renew the lease for two additional lease terms of five (5) year each at 100% of the then Fair Market Value of the premises, as further defined in the lease.
The Landlord shall prepare final architectural plans and engineering plans and make alterations and improvements in accordance with preliminary architectural plans and specifications which are attached to the lease. The alterations and improvements consist of Base Building Work, which the landlord shall provide at its sole cost and expense, and Tenant Work. The total cost the final architectural plans and engineering plans for the Tenant Work and the Tenant Work shall not exceed $6,517,087 of which the Landlord shall contribute $1,764,180.00 and the balance will be paid by the Tenant.
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.