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CITY UNIVERSITY OF NEW YORK LEASE FOR SPACE AT 425 GRAND CONCOURSE, BRONX N.Y.

WHEREAS, consolidating administrative functions in one location for the convenience of Hostos Community College students is a central component of the College’s strategic plan; be it

RESOLVED: That the Board of Trustees of The City University of New York authorizes the General Counsel and Vice Chancellor of Legal Affairs to execute a fifteen year lease, for approximately 28,640 rentable square feet of space on the ground and second floors at 425 Grand Concourse, Bronx, New York, on behalf of Hostos Community College. The lease shall be subject to approval as to form by the University Office of the General Counsel.

EXPLANATION: The proposed new lease will provide Hostos Community College with approximately 28,640/RSF rentable square feet on the ground and second floors of a new mixed-use and mixed-income development that will create 277 units of affordable housing for low- and moderate-income families. The new development is expected to be ready for occupancy in the first quarter of 2022 and will allow the college to move and consolidate a number of critical administrative functions, including hosting the expanded functions of the Accelerated Study in Associate Programs (ASAP) initiative.

The term of the lease will start upon substantial completion of the landlord’s work. The rent for the new space will start at approximately $1,066,840 ($37.25/RSF) per annum with fixed $5.00/RSF rent increases every fifth anniversary from the start date of the lease.

The Landlord shall be responsible for all repairs, including the HVAC system. The University will be responsible for interior maintenance and security. The space is exempt from real estate taxes.