PUBLIC NOTICE IS HEREBY GIVEN THAT a Voluntary Public Hearing will be held on Wednesday, December 7, 2022 at 10:00 AM via Conference Call No. (646) 992-2010, Access Code: 717-876-299 in the matter of the City of New York, acting through its Department of Citywide Administrative Services, amending a lease in the Borough of Brooklyn.
Pursuant to a Board of Estimate Resolution adopted on May 24, 1984 (Calendar No. 226), the City of New York (“Lessor”) entered into a lease dated September 1, 1984 (“Lease”) with Robin Realty Co., predecessor-in-interest to 570 East 108th Street Realty LLC (“Lessee”), for certain land located at 570 East 108th Street, a/k/a 102-37 Farragut Road, Canarsie, Brooklyn (Block 8156, Lot 1). The initial lease term commenced on September 1, 1984 and ended December 31, 2015.
Lessee exercised its option to renew the term of the Lease for the first renewal term, which commenced on January 1, 2016 and ends on December 31, 2040. Lessor and Lessee have reached an agreement establishing a total payment of $7.8 million as payment in full for the period commencing on January 1, 2016 and ending December 31, 2022, and establishing basic rent for the remainder of the first renewal term at $1.8 million per annum ($150,000.00 per month) commencing on January 1, 2023.
If approved by the Mayor, the Department of Citywide Administrative Services shall be authorized to amend the Lease to memorialize the agreement described in the foregoing paragraph.
For further information, or to view a copy of the proposed amendment, please contact Joseph Valentino at 212-386-0611, or by email at jvalentino@dcas.nyc.gov.
Note: If you need further accommodations, please let us know at least five (5) business days in advance of the Public Hearing via e-mail at DisabilityAffairs@mocs.nyc.gov or via phone at 1-212-298-0734.