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 February 26, 2025, 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 the partial 3rd floor of the building located at 850 3rd Avenue (Block 671 & Lot 1) and nine (9) parking spaces (Block 675 & Lot 10) in the Borough of Brooklyn for the Department of Administration for Children’s Services (ACS) to use as Trade Shops 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 197c on November 6, 2024 (CPC Appl. No C 250029 PCK, Public Hearing Cal. No. 6).
The proposed lease shall be for a period of twenty (20) years from Substantial Completion of alterations and improvements, at an annual rent of $412,298.00 for the first five (5) years, $461,773.76 for the following five (5) years, and $517,165.10 for the following five (5) years, and $579,189.06 for the last five (5) years, payable in equal monthly installments at the end of each month. Rent for the first eight (8) months of the lease is abated.
The lease may be terminated by the Tenant, in whole or in part, at the end of the 10th and 15th years provided the Tenant gives the Landlord 10 months prior written notice. In the event that the lease is terminated by the Tenant, the Tenant shall pay to the Landlord the sum of the unamortized portion of (i) Landlord’s Contribution towards the Tenant Work Cost, (ii) the free rent, and (iii) the brokerage commission paid by the Landlord to the Tenant’s Broker.
The Tenant shall have the right to renew the lease for a period 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 Base Building Work, which the landlord shall provide at its sole cost and expense, and Tenant Work. The total cost of the final architectural plans and engineering plans for the Tenant Work and the Tenant Work shall not exceed $1,976,365.00, of which the Landlord shall contribute $537,780.00 and the balance up to $1,438,585.00 will be paid by the Tenant. The Tenant shall reimburse the Landlord for Tenant’s share of the costs, to be disbursed upon the later to occur of (i) substantial completion of the alterations and improvements, (ii) receipt of invoice for the Tenant work, and
(iii) execution of the proposed 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.