NYC Department of Health Renews at 22 Cortlandt Street
By Rebecca Baird-Remba August 23, 2021 9:19 am
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The New York City Department of Health and Mental Hygiene, which occupies several floors at 22 Cortlandt Street in the Financial District, has renewed a lease for the entire top floor of the 34-story building between Broadway and Church streets, according to the Department of Citywide Administrative Services.
The city signed off on the 17,300-square-foot lease during a remote hearing last week, according to The City Record. The five-year agreement begins on Sept. 1, and will run through Aug. 31, 2026.
Rent for the first six months of the lease will be $994,983, or $57 a square foot, with small annual increases through the final year of the lease, when it will be $1,072,784, or $62 a square foot. The health department also has the option to renew the lease for an additional five years with annual rent increases of 1.9 percent.
It’s not clear which brokers were involved in the deal. However, Barrett Stern of Newmark (NMRK) is the publicly listed agent for the landlord, ASG Equities.
Until recently, the 1971 Emery Roth & Sons-designed building was home to the flagship for Century 21, which closed its doors last year after the department store chain filed for Chapter 11 bankruptcy.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
