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 May 27, 2026 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 Entire Fourth, Partial 5th and Portion of Subcellar of the building located at 250 Broadway (Block 124 & Lot 1102), in the Borough of Manhattan for the New York City Taxi and Limousine Commission to use as offices and hearing rooms, 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 11/25/1998 (CPC Appl. No. N 990154PXM, Public Hearing Cal. No. 21).
The proposed lease shall be for a period of approximately Twenty-one (21) years from the date of Substantial Completion of the alterations and improvements. Rent shall abate for the first fourteen (14) months from Substantial Completion. The proposed annual rent is $1,624,439.00 for the first five (5) years, $1,822,631.50 for the following five (5) years $2,020,824.00 for the following five (5) years and $ 2,219,016.50 for the last five (5) years, payable in equal monthly installments at the end of each month.
The lease may be terminated by the Tenant on the Fifteenth (15th) anniversary of Rent Commencement, provided the Tenant gives the Landlord not less than twelve (12) months and not more than eighteen (18) 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 (amortized over the term at 6% interest) of the Landlord’s design cost, the Landlord’s contribution towards the cost of Tenant’s alterations and improvements to the space, Tenants brokerage fee and rent abatement.
The Tenant shall have the right to renew the lease for two (2) successive options for a period of Five (5) years each at an annual rent of One Hundred Percent (100%) of the then Fair Market Value Rent.
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 $7,175,327.00, of which the Landlord shall contribute $4,682,670.00 and the balance up to $ 2,492,657.00 will be paid by the Tenant. The Tenant shall reimburse the Landlord for Tenant’s share of the costs, to be disbursed upon the substantial completion of the alterations and improvements.
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