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 24, 2023 at 10:00 a.m. via Conference Call No. 1-646-992-2010, Access Code 717 876 299.
IN THE MATTER OF a Lease for the City of New York as Tenant of the partial sub-cellar, cellar, ground, lobby, 14th and 18th floors and the entire 2nd – 12th, 17th, 21st – 23rd, 25th – 30th floors located at 110 William Street (Block 77 & Lot 8) in the Borough of Manhattan for the New York City Administration for Children’s Services to use as office space 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 November 30th 2022, CPC Appl. No. N230084, Public Hearing Cal. No.8).
The term of the proposed lease shall commence upon Substantial Completion of the Tranche A alterations and improvements and shall expire on the earlier to occur of (x) twenty (20) years from Final Substantial Completion of alterations and improvements and (y) twenty-one (21) years from the date term commences, at an annual rent of $28,833,480 from Final Substantial Completion for the first 12 months, $28,192,736 for the following four (4) years, $30,755,712 for the following five (5) years, $33,318,688 for the following five (5) years, $35,881,664 until lease expiration date, payable in equal monthly installments at the end of each month. No annual rent shall be due and owing for the period beginning on the date the Lease commences and ending on the date before the Final Substantial Completion Date.
The Tenant shall have the right to terminate the Lease in whole or in part on either the twelfth (12th) or fifteenth (15th) anniversary of Lease Commencement Date, upon twenty-four (24) months prior written notice. In the event of partial lease termination, Tenant must at minimum retain the low-rise elevator bank serving floors 2 – 11 in addition to any ground floor premises that serves as client entrance. Tenant shall reimburse Landlord for the un-amortized portion of Landlord’s costs for the area being terminated.
Tenant shall have two (2) options to renew the Lease for a period of five (5) years each at 95% of the Fair Market Value Rent. In addition, Tenant shall have the option anytime during the term of the lease except the last five (5) years of the term, to include in this lease additional space (specified in the next sentence) that becomes available to lease after the date this Lease is fully executed for the same use, the same term length as then exists for the lease, and otherwise on all of the same terms and conditions except the base rent of such added space will be 100% of the fair market rent for such space. The additional spaces Tenant’s option applies to are a portion or the entirety of the following floors in the building: 15th, 16th, 18th, 19th, 24th, and 31st.
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 and Tenant Work, which the Landlord shall initially provide at its sole cost and expense. Tenant shall reimburse the Landlord for 24% of the SOW cost as a lump sum after Substantial Completion of each Tranche. The total reimbursement amount shall not exceed $42,973,654.52.
Further information, including public inspection of the proposed lease, may be obtained, at One Centre Street, Room 2000 North, New York, NY. 10007. To schedule an inspection, please contact Jason Morris, at (212) 386-5083.
If you need further accommodations, please let us know at least five business days in advance of the Public Hearing via email at DisabilityAffairs@mocs.nyc.gov or via phone at 212-298-0734.