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, of the entire 1st and 2nd floors of the building located at 47-25 34th Street, (Block 250, Lots1) in the Borough of Queens for the New York City Department of Transportation (DOT) to use interior warehouse and industrial space and part of an adjacent parking lot, for equipment and materials storage, vehicle storage, administrative offices, parking and other uses ancillary to DOT’s operations, 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 3, 2024 (CPC Appl. No. C 230367 PCQ, Public Hearing Cal. No.6).
The initial term of the proposed Lease shall commence (Lease Commencement Date) upon the mutual execution and delivery of the Lease by the Landlord and Tenant and shall expire (Lease Expiration Date) upon the earlier to occur of (i) the twentieth (20th) anniversary of the substantial completion of the alterations and improvements to be performed by the Landlord or (ii) the twenty-first (21st) anniversary of the Lease Commencement Date.
The annual base rent (Base Rent) shall be $4,748,043.52 from the Lease Commencement Date until the substantial completion of the alterations and improvements; $4,968,882.76 from the substantial completion of the alterations and improvements until the fifth (5th) anniversary of the Lease Commencement Date; $5,603,795.55 for the following five (5) years, $6,238,708.35 for the next five (5) years and $6,873,621.15 for the last five (5) years, payable in equal monthly installments at the end of each month. The Base Rent shall be abated for two hundred and forty (240) days following substantial completion of the alterations and improvements.
The Tenant shall have the exclusive right to use a designated parking and storage area within the parking lot adjacent to the building. The annual additional rent for the Tenant’s parking area (Parking Area Rent) shall be $129,115.00 from the Lease Commencement Date until the substantial completion of the alterations and improvements; $147,560.00 from the substantial completion of the alterations and improvements until the fifth (5th) anniversary of the Lease Commencement Date; $166,005.00 for the following five (5) years, $184,450.00 for the next five (5) years and $202,895.00 for the last five (5) years, payable in equal monthly installments at the end of each month. The Parking Area Rent shall be abated for a period of two hundred and forty (240) days following substantial completion of the alterations and improvements.
The lease may be terminated by the Tenant, in its entirety, effective as of either the 12th year or the 15th year of the Lease Commencement Date, provided the Tenant gives the Landlord 12 months prior written notice. In the event that the lease is terminated by the Tenant, the Tenant shall pay to the Landlord the unamortized portion of (i) the Brokerage Commission paid by the Landlord, (ii) the Landlord’s contribution to the alterations and improvements TI Allowance, and (iii) the Rent Abatement (Base and Parking Area).
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 Tenant Work, including the costs of the related final architectural plans and engineering plans, shall not exceed $15,474,949.00, of which the Landlord shall contribute $6,362,820.00 and the balance will be reimbursed by the Tenant through construction period payments.
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.