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 November 24, 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 a portion of the 4th floor of the building located at 1 Battery Park Plaza (Block 9 & Lot 29) in the Borough of Manhattan for the Independent Budget Office to use as an office, 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 195 on February 19, 2025 (CPC Appl. No. N 250142 PXM, Public Hearing Cal. No.5).
The proposed lease shall be for a period of twenty-one (21) years from execution of the Lease, at an annual rent of $881,955.00 for the first five (5) years, $975,780.00 for the following five (5) years, $1,069,605.00 for the following five (5) years and $1,163,430.00 for the last Six (6) years, payable in equal monthly installments at the end of each month. Rent for the first sixteen (16) months of the Lease and one month per year for the following thirteen (13) years on the anniversary of lease commencement will be abated (“Rent Abatement Amount”).
The lease may be terminated by the Tenant at the end of either the twelfth (12th) and fifteenth (15th) year anniversaries of lease commencement, provided the Tenant gives the Landlord twelve (12) months prior written notice. In the event that the lease is terminated by the Tenant, Tenant shall pay to Landlord, an amount equal to the sum of (i) the unamortized portion of $2,345,625.00, and with it understood that the unamortized portion of said amount shall be deemed to be $1,005,267.86 as of the twelfth year anniversary, and shall be deemed to be $670,178.57 as of the fifteenth year anniversary, and (ii) the unamortized portion of the broker commission paid to Broker, plus (iii) the unamortized portion of the Rent Abatement Amount actually credited to Tenant as of the effective termination date.
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.