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 July 17, 2024 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 on part of the 5th floor of the building located at 850 3rd Avenue (Block 671 & Lot 1) in the Borough of Brooklyn for the New York City Department of Finance (DOF) to use for the active storage of records and furniture and other uses ancillary to DOF’s operations, including the Office of the Sherriff of the City of New York, or for such other use as the Commissioner of the Department of Citywide Administrative Services may determine, subject to the terms and conditions of the Lease.
The proposed use was approved by the City Planning Commission pursuant to NYC Charter Section 197c on April 17, 2024 (CPC Appl. No. C240090 PCK) Public Hearing Cal. No. 5).
The term of the proposed Lease shall commence upon the exercising of the option to lease under the license agreement (License) pursuant to which the agency currently occupies the premises and shall expire twenty (20) years from the License Commencement Date. The annual base rent shall be $577,551.50 from the Rent Commencement Date until the fifth (5th) anniversary of the License Commencement Date, $671,208.50 from the fifth (5th) anniversary of the License Commencement Date until the tenth (10th) anniversary of License Commencement Date, $764,865.50 from the tenth (10th) anniversary of the License Commencement Date until the fifteenth (15th) anniversary of the License Commencement Date and $858,522.50 from the fifteenth (15th) anniversary of License Commencement date until the twentieth (20th) anniversary of the License Commencement Date, all as more specifically set forth in the Lease. Base Rent shall be payable in equal monthly installments at the end of each month. Upon Lease Commencement Date, the base rent will be abated for the subsequent 9 months.
Tenant shall have the one time right to terminate the Lease, in whole or in part, after the end of the tenth (10th) or fifteenth (15th) year, upon ten (10) months’ prior written notice, subject to the terms and conditions set forth in the Lease. If the Lease is terminated by the Tenant, the Tenant shall pay the Landlord the unamortized portion of (i) $1,788,512.00 (representing the cost of Tenant specific alterations and improvements) plus (ii) the brokerage commissions paid by Landlord to the Tenant’s Representative leasing broker plus (iii) $433,163.61 (representing the base rent abatement), all as all as more specifically set forth in the Lease.
Tenant shall have the right to renew the lease, upon not less than twelve (12) months’ and not more than eighteen (18) months’ notice, for one (1) five (5) year period at an annual rental of 95% of the Fair Market Value rental.
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.