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 August 16, 2023 at 10:00 a.m. via Conference Call No. 1-646-992-2010, Access Code 717 876 299.
IN THE MATTER OF authorizes a lease for the City of New York, as Tenant, of approximately 27,304 rentable square feet of space on the entire10th and 11th floors of the building located at 1 Willoughby Square (Block 146, Lot 43) in the Borough of Brooklyn for the Office of Court Administration to use as administrative, general and executive offices, or for such other use as the Commissioner of the Department of Citywide Administrative Services may determine, subject to the terms and conditions set forth in the lease.
The proposed use was approved by the City Planning Commission pursuant to NYC Charter Section 195 on July 13, 2022 (Public Hearing Cal. No.15).
The proposed lease shall be for a term of twenty-one (21) years, which shall commence upon substantial completion of the alterations and improvements. The annual base rent shall be $1,365,200.00 from the commencement date through year 3; $1,447,112.00 for years 4 through 6; $1,533,938.72 for the years 7 through 9; $1,625,953.20 for years 10 through 12; $1,723,428.48 for years 13 through 15; $1,826, 910.64 for years 16 through 18 and $1,936,672.72 for years 19 through 21. The annual base rent shall be payable in equal monthly installments at the end of each month. The annual base rent shall be abated for an aggregate period of fifteen (15) months, as more specifically set forth in the lease.
The lease may be terminated by the Tenant, in whole, effective on the 12th anniversary or the 15th anniversary of the base rent commencement date, provided the Tenant gives the Landlord at least 12 months’ and no more than 18 months’ prior written notice. If the lease is terminated by the Tenant, the Tenant shall pay to the Landlord a termination fee in the sum of the unamortized portion of (i) the brokerage commission paid by the Landlord to the Tenant’s broker, (ii) the Landlord’s contribution for the Tenant alterations and improvements, and (iii) the aggregate amount of the base rent abatement, as more specifically set forth in the lease.
The Tenant shall have the right to renew the lease for two successive periods of five (5) years at 95% of fair market value.
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 Landlord Work ( i.e., base building work), which the Landlord shall provide at its sole cost and expense, and Tenant Work ( i.e., Tenant’s alterations and improvements, including the final architectural plans and engineering plans). The total cost of the Tenant Work shall not exceed $5,281,394.00, of which the Landlord shall contribute $2,030,000.00, and the balance up to $3,251,394.00 will be paid by the Tenant, all as more specifically set forth in the lease.
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 email RESPublicHearingInquiries@dcas.nyc.gov
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.