NYU inks 32-year lease with Related for office building in Gramercy

New York University, as tenant, signed a memorandum of lease with landlord Related Companies through its entity 105 East 17th Street Associates, L.L.C. for 1 parcel, including the tax class office building with two to six stories (O2) at 105 East 17th Street in Gramercy. The lease was signed in 2018 and the new memorandum was signed on January 16, 2020 and was recorded on January 17, 2020
The property contains a total of 109,375 square feet of built space. The property has 115,131 square feet of total development rights.
The underwritten rent that New York University is paying is $6.5 million per year, or $51.06 per square foot, according to a CMBS filing for a portion of the $110 million loan. The lease was signed in June 2018 and the term started November 1, 2019 and runs through 2051. NYU has occupied the building on a sublease since 2012.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 9, 2012.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link