Nonprofits in the Federal Archive Building saved from rent hike

New York /
Jan.January 30, 2009 08:43 AM

Several months after Rockrose Development told its nonprofit tenants in the Federal Archive Building, at 666 Greenwich Street between Christopher and Barrow streets, that their rents would increase by as much as 500 percent, city and state agencies said the developer couldn’t legally raise the rents without the state’s consent. The state owns the property, and entered into a 99-year lease with Rockrose in 1982 to convert the building into market-rate apartments with retail space, also requiring the developer to set aside 54,000 square feet for nonprofits, which is currently made up of various theater groups. The nonprofits’ rent of $4 per square foot expired in October, and Rockrose had planned to increase the rent to 20 percent off of the current market value of the space, which would have resulted in a 500 percent rent hike. The new agreement allows the nonprofits’ rents to increase by 3 percent per year when their leases come up for renewal.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Frank Lloyd Wright with 1425 Valley View Drive (Getty, Re/Max)
Unique Frank Lloyd Wright home available … for now
Unique Frank Lloyd Wright home available … for now
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
A photo illustration of the Arizona Ghost Town Museum in Pearce, Arizona (Getty Images, Facebook/oldpearcepottery)
Night at the museum: Ghost town general store turned-home lists at $1M
Night at the museum: Ghost town general store turned-home lists at $1M
HUBB’s John McCarthy, Greystone's Thomas Ryan and 223-225 4th Avenue (Google Maps, Greystone, Getty)
HUBB NYC continues 421a spending spree, buying Park Slope building
HUBB NYC continues 421a spending spree, buying Park Slope building
120 East 39th Street (Hotels, Getty)
Short-term rental company taking over Midtown hotel
Short-term rental company taking over Midtown hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...