<strong>337</strong>-<strong>345</strong> <strong>337</strong> <strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 51 53 Bleecker <strong>Street</strong>) <strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>) Prime Corner Mixed Use Building for Long Term Lease A.J. Muste Memorial Institute PROPOSED TERMS FOR LONG-TERM NET LEASE for <strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> 1. Term: 30 years, renewable for an additional 10 to 20 years on the same terms unless AJMMI is prepared (at the 30-year point) to take over the whole building as a mission-based peace and justice center (If ground floor is to continue as market rate rentals, lease will be renewed for at least 10 years.) 2. Base Rent: at least $100,000/year. First year (construction period) rent not charged; however, 50% of second year rent is due at closing of lease deal, with the other 50% due at the start of the second year 3. Annual Increases: 2.5%, beginning year 6. 4. AJMMI and its tenants shall occupy second and third floors rent free after construction period. 5. Lessee shall be responsible for all repair, construction costs, including installation of ADA-compliant elevator serving second and third floors, as laid out in Jerry Caldari's repair recommendations. Second and third floors to be returned to Lessor in “white box” condition, unfinished or finished as may be negotiated between AJMMI and Lessee, and recommended by Jerry Caldari. 6. During the construction period, Lessee will provide either appropriate office space (approx 4,500 square feet) for AJMMI and its tenants or stipend to AJMMI to cover cost of same and moving expenses, to be based on actual costs. 7. Lessee responsible for taxes, utilities and insurance based on value, not square footage, of space occupied. Lessee shall pay all real estate taxes during the construction period while AJMMI is not occupying the building. 8. Income from signage or air rights relating to neighboring signage to be split 50/50 between Lessor and Lessee under the terms of separate agreements (subject to approval of Lessor). Development of additional floors or roof area subject to separate agreement. 9. Brokerage fee: to be paid 50% by Lessee, 50% by Lessor. For Additional Information, Please Contact Exclusive Sales Agents: James P. Nelson 212.696.2500 (x7710) or jnelson@masseyknakal.com Caroline Hannigan 212.696.2500 (x7708) or channigan@masseyknakal.com David Fowler 212-696-2500 (x7734) or dfowler@masseyknakal.com Mitchell Levine 212-696-2500 (x7761) or mlevine@masseyknakal.com The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
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