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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 April 10, 2019 at 10:00 a.m. at 1 Centre Street, Mezzanine, Borough of Manhattan, in the matter of a fifth lease extension for The City of New York, as tenant, on the ground and mezzanine floors of the building located at 66-26 Metropolitan Avenue (Block 3605, Lot 1) in the Borough of Queens for the Department of Transportation for offices, warehousing, coin collection, radio repairs or for such other use as the Commissioner of the Department of Citywide Administrative Services may determine.
The proposed fifth lease extension shall be for a period of fifteen (15) years from October 1, 2018 through September 30, 2033, at an annual rent of $1,110,000.00 from October 1, 2018 to substantial completion of alterations of the premises, $2,280,000 from substantial completion of alterations to the premises to September 30, 2023, $2,508,000 from October 1, 2023 to September 30, 2028 and $2,758,800 from October 1, 2028 to September 30, 2033, payable in equal monthly installments at the end of each month.
The lease may be terminated by the Tenant at the end of ten (10) years, or at any time thereafter, provided the Tenant gives the Landlord 180 days prior written notice.
The Tenant shall have the right to renew the lease for a period of two (2) five-year renewal options at an annual rental at 95% of the fair market value rental, but also no less than the current rent.
The Landlord shall prepare final architectural plans and engineering plans and make alterations and improvements in accordance with specifications which are attached to the lease. The alterations and improvements consist of Base Building Work (as such term is defined in the lease extension), which the landlord shall provide at its sole cost and expense. In addition, Tenant has the option to request Landlord to perform further Work (as such term is defined in the lease extension) at a later date, the cost of which Landlord shall contribute $900,000 subject to and in accordance with the terms of the amendment.
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/Translators 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 TEN (10) BUSINESS DAYS PRIOR TO THE PUBLIC HEARING. TDD users should call VERIZON relay services.