Notice Details

New York City Tourism + Conventions Inc, on behalf of the New York City Department of Small Business Services (“SBS”), has awarded a Sole Source License Agreement (“License”), pursuant to Section 1-16 of the Concession Rules of the City of New York, to New York Popular, Inc., DBA Popularity Products, LLC, whose address is 400 Federal Blvd, Carteret, NJ 07008, for the non-exclusive use of city-owned trademarks on merchandise. The License shall commence on January 1, 2024 and shall continue through December 31, 2026, unless sooner terminated pursuant to the terms and conditions of the License, with an optional renewal period commencing on January 1, 2027 and continuing through December 31, 2028, exercisable at the sole discretion of SBS.

For the Term, New York Popular, Inc shall pay New York City Tourism + Conventions Inc, the following total Guaranteed Minimum Royalties for each year shall be payable, as follows: On or before December 31, 2024: Ninety thousand dollars ($90,000) On or before December 31, 2025: Ninety thousand dollars ($90,000) On or before December 31, 2026: Ninety thousand dollars ($90,000)

In the event that the parties exercise the renewal option, guaranteed Minimum Royalties will be: On or before December 31, 2027: Ninety thousand dollars ($90,000) On or before December 31, 2028: Ninety thousand dollars ($90,000)

Additionally, in each License Year of this License, for products bearing solely the Licensed Property (or the Property with the Licensee’s marks) Licensee shall pay to New York City Tourism + Conventions for the license granted herein a royalty equal to: Twelve and a half percent (12.5%) of Net Sales when selling Adult Apparel. Eleven percent (11%) of Net Sales when selling Children’s Apparel.