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CITY LEASES.

Several city leases should be approved at a public hearing on January 13th at City Hall. The Appellate Division First Department for the Departmental Disciplinary Committee is taking a 20-year lease for 21,263 rentable square feet on the second floor and part of the fifth floor at the Crown Properties building at 61 Broadway. They will pay $25.39 a foot for the first five years, then step up to $27.67, $30.83 and $33.74 in each of the next five years. They get two months free rent in the beginning and another two months in the 15th year. That space is currently vacant. Other space is also on the market through LaSalle Partners.

The police will be taking 124,226 rentable square feet for 20 years for a warehouse on the first and second floors on Abbot Street in a property that appears to straddle The Bronx and Yonkers. That will cost about $520,000 for the first year while improvements are being made, and then $1,156,250 each year thereafter.

The City Council wants to rent the 14th through 18th floors at 250 Broadway for 20 years, totalling about 113,039 rentable square feet. The rent, which is more complicated then we define here, generally runs $33.05 a foot until work is substantially completed, and then has five-year step-ups to $35.27, $37.49, and $39.71 a foot. That building, bought by Amtrust from Sara Kreek Partners, has lots of vacant space which is being handled by Newmark.
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Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Jan 13, 1999
Words:256
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