NYC ACS Takes 38K SF at Co-Op City in the Bronx
By Rebecca Baird-Remba August 18, 2021 6:50 pmreprints
The city has started leasing office space again after a long hiatus, and its latest deal is at Bay Plaza Shopping Center in the Bronx.
The New York City Administration for Children’s Services, which oversees children’s welfare and foster care programs, has leased 37,500 square feet on the first and second floors of 2100 Bartow Avenue, in the Co-op City area of the northeast Bronx. ACS plans to use the space, which includes a private lobby, as an office.
The Department of Citywide Administrative Services, which handles city real estate deals, officially signed off on the lease during an online hearing on Wednesday, according to The City Record.
Rent for the 20-year lease starts at $1.35 million, or $36 a square foot, for the first five years, with increases every five years during the lease. Rent for the 16th through 20th years of the agreement will be $1.8 million, or $49 a square foot. The deal also includes an extra six months of free rent at the start.
The city expects to spend about $5.7 million building out its new space at Bay Plaza, and the landlord, Prestige Properties and Development Co., will cover $1.4 million of that amount.
DCAS didn’t specify whether a broker represented the city in the transaction. A JLL (JLL) team of Al Gutierrez, Ian Ceppos and Stephanie Coleman represented the owner of the three-story, 200,000-square-foot building and declined to comment on the deal
Rebecca Baird-Remba can be reached at email@example.com.