PUBLIC NOTICE IS HEREBY GIVEN THAT the Department of Citywide Administrative Services proposes to issue an amended and restated lease (the “Lease”) for the property located at 131 Walnut Avenue in the Bronx (Block 2586, Lot 26) to its current tenant, SOBRO Development Corporation pursuant to Section 384(b)(4) of the New York City Charter, which requires approval by the Bronx Borough Board prior to Mayoral approval. Following execution, the Lease will be assigned by SOBRO Development Corporation to Port Morris Realty, LLC.
In accordance with Sections 384(b)(1) and 384(b)(4) of the New York City Charter, a public hearing will be held regarding the proposed disposition on Wednesday, November 15, 2023, commencing at 10:00 A.M. via Call-In Number 1-646-992-2010, Access Code: 717 876 299.
The terms of the Lease include:
- 20 years with an option for one (1) additional ten (10) year term
- Payment of $1.25 million at lease signing
- Full real estate tax equivalency fee shall be paid as additional rent
- Base rent of $714,193.22/per annum with 3.5% escalations every 2 years.
In the event the Bronx Borough Board has not issued its formal approval of this transaction prior to the date of the contemplated public hearing, this matter will be withdrawn from the public hearing calendar.
If approved by the Mayor of the City of New York, the Department of Citywide Administrative Services shall be authorized to issue the Lease.
Further information may be obtained by contacting the Department of Citywide Administrative Services, Attention: Joseph Valentino at jovalent@dcas.nyc.gov or (212) 386-0611.
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.