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 March 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 renewal of the lease for the City of New York, as tenant, on the following floors of the building: partial Lobby, entire 2-5, partial 6, entire 7- 16, entire 18-20, entire 22, entire 24-26, entire 28, entire 32-37 located at 66 John Street a/k/a 59 Maiden Lane (Block 67 & Lot 1) in the Borough of Manhattan for various divisions of the following agencies: Department of Finance, Department of Probation, Department of Sanitation, New York Police Department, Office of Administrative Trials and Hearings, Office of Technology and Innovation, the Department of Transportation, The Department of Citywide Administrative Services and the Administration for Children’s Services to use as an office or for such other use as the Commissioner of the Department of Citywide Administrative Services may determine.
The proposed lease use was approved by the City Planning Commission pursuant to NYC Charter Section 195 on November 24, 1999 (CPC Appl. No. N 000159 PXM, Public Hearing Cal. No. 20) and in lieu of an additional Charter Section 195 approval a letter related to Article 9 in Fair Share Criteria was submitted.
The proposed renewal of the lease shall be for a period of twenty-one years (21) from the execution at an annual rent of $34,461,366 from execution until 8/31/2026, $30,311,568.00 from 9/1/2026 through 8/31/2031, $33,920,088.00 from 9/1/2031 through 8/31/2036, $37,528,608.00 from 9/1/2036 through 8/31/2041 and $41,137,128.00 from 9/1/2041 through expiration payable in equal monthly installments at the end of each month. $16,347,544.00 in rent will be abated.
The lease may be partially terminated by the Tenant after 8/31/2026 with 18 months’ notice (reduced notice period for certain floors) and in whole after 9/1/2041 with no more than 16 months and no less than 14 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 Landlord’s cost for Tenant Improvement Allowance and rent abatement if received by the Tenant.
The Tenant shall have two successive options to renew the lease for a period of ten (10) years each at an annual rent of 95% of the Fair Market Value Rent.
At Tenant’s election, the Landlord shall prepare final architectural plans and engineering plans and make alterations and improvements in accordance with preliminary 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 Landlord shall contribute $68.35/RSF towards the tenant work as further defined in the 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.