New York City Economic Development Corporation on behalf of
New York City Department of Small Business Services
NOTICE IS HEREBY GIVEN THAT A REAL PROPERTY ACQUISITIONS AND DISPOSITIONS PUBLIC HEARING WILL BE HELD ON May 24, 2023, in accordance with Section 1301(2)(g) of the New York City Charter, commencing at 10:00 A.M via Conference Call No. 1-646-992-2010, Access Code 717 876 299.
IN THE MATTER OF a proposed lease amendment and restatement (the “Amended Lease”) as submitted by the New York City Economic Development Corporation (“NYCEDC”) on behalf of the New York City Department of Small Business Services, amending and restating that certain lease dated as of November 16, 2011 (the “Original Lease”) between the City of New York acting through its Department of Small Business Services, as Landlord, and Piers 92/94 LLC, an affiliate of Vornado Realty Trust, as Tenant (hereinafter the “Original Tenant”) for the premises comprised of the Pier 92 premises and the Pier 94 premises (collectively, including related upland areas, the “Original Premises”) in the borough of Manhattan. The premises under the Amended Lease is the Pier 94 premises which includes certain related upland areas (the “Premises”), and tenant is PIER 94 LEASECO, LLC, a joint venture between (i) an affiliate of Vornado Realty Trust and (ii) a joint venture comprised of an affiliate of Hudson Pacific Properties and an affiliate of Blackstone (collectively, “Tenant”). Tenant is an affiliate of Original Tenant. NYCEDC is the Lease Administrator of the Original Lease and the Amended Lease pursuant to Section 2.01 of the Maritime Contract between the City and NYCEDC, dated as of June 30, 2022, as amended from time to time.
The proposed Amended Lease provides for (i) new uses at Pier 94 and its related upland area, so that the Premises will be leased for motion picture and media studios and related production and office uses and other alternative uses as may be permitted in accordance with the Amended Lease; (2) the removal of the Pier 92 premises from the Original Premises, its exclusion from the Premises under the Amended Lease and the termination of any rights or obligations of Original Tenant and Tenant with respect to the Pier 92 premises; (3) the construction of certain facilities at the Premises for the new uses as well as the construction of certain publicly accessible areas; (4) the adjustment of base rent and gross revenue participation rent under the Original Lease; and (5) the reallocation of responsibilities between Landlord and Tenant with respect to the maintenance and repair of the supporting piles for the Premises. The lease term of the Amended Lease will remain the same as the Original Lease, with the Initial Term ending on November 30, 2060 with five (5) ten (10) year extension options. In connection with the proposed Amended Lease, Landlord and Tenant contemplate one or more mutual releases of claims.
A draft copy of the proposed Amended Lease will be available for inspection at New York City Economic Development Corporation, One Liberty Plaza, New York New York 10006, commencing April 24, 2023 through May 24, 2023, exclusive of Saturdays, Sundays and Holidays, between the hours of 10:00 am and 2:00 pm. To schedule an inspection, please contact NYCEDC Pier 94 Lease Inspection Scheduling Team at Pier94lease@edc.nyc.
In order to access the Public Hearing and testify, please call 1-646-992-2010, Access Code: 717 876 299 no later than 9:55 am on the day of the Public Hearing on May 24, 2023. If you need further accommodations, please let us know at least five business days in advance of the Public Hearing via e-mail at disabilityaffairs@mocs.nyc.gov.