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New Jamaica Bus Terminal at 168th Street

 
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GojiMet86



Age: 30
Joined: 12 Jul 2013
Posts: 141

PostPosted: Thu Feb 16, 2023 4:43 pm    Post subject: New Jamaica Bus Terminal at 168th Street Reply with quote

https://new.mta.info/document/104706

Pages 28-30



AGENCY: MTA New York City Transit (“NYCT”) and MTA Bus Company (“MTA Bus”)
LESSOR: Greater Jamaica Development Corporation (“GJDC”)
LOCATION: Block 9800, Lot 1 (Queens, NY)
ACTIVITY: Lease with GJDC for new Jamaica Bus Terminal
ACTION REQUESTED: Authorization to enter into a lease agreement with GJDC and to enter into a sublease with Nassau County and a sublease with the New York City Police Department (“NYPD”) for separate portions of the leased premises
TERM: Five (5) years with ten (10) one-year options


CONSTRUCTION
PERIOD RENT:
ANNUAL BASE RENT:
$50,000 per month (approximately nine months) rent, inclusive of taxes $1.6 million annually, inclusive of real estate taxes. GJDC will provide a rent credit in the amount of real estate taxes that would have been payable each year or portion thereof thereafter occurring during the lease term. Nassau County, as subtenant, will pay a prorata share of rent based on the number of bus bays occupied by its operator, NICE Bus.


COMMENTS:
The Jamaica Bus Terminal (“JBT”) is currently located at the intersection of 89th Avenue and Merrick Boulevard in Queens, New York. NYCT, MTA Bus, and Nassau County (through its operator, NICE Bus) actively conduct operations at this location. The current lease for this property is expiring in September 2023. The property was recently sold to a developer and is anticipated to become a mixed-use development. Therefore, an alternative location is required in order to ensure bus operations can continue uninterrupted once the current lease expires.

In an effort to secure an alternative site for JBT, Nassau County and MTA began working with NICE to search for available properties in the vicinity of the current location. A commercial parking lot located at 90-01 168th Street (Block 9800, Lot 1) was identified as a potential site for the new bus terminal and the Lessor is willing to enter into a lease agreement with NYCT and MTA Bus. Pending approval by County Legislature, Nassau County has expressed a desire to operate its bus operations at this new site as a subtenant of NYCT/MTA Bus and has agreed to pay a pro-rata share of rent based on the number of bus bays occupied by their operator, NICE Bus.

In addition to the above, the NYPD currently parks their vehicles along 168th Street. The current location of the NYPD vehicles would interfere with bus operations as shown on the proposed layout. To allow the NYPD to continue its operations in the area, a sublease agreement to allow the NYPD to park approximately 18-20 vehicles within the lot has been proposed. The NYPD would enter into a sublease agreement for this portion of the leased premises. No compensation would be associated with the NYPD sublease agreement. The proposed NYPD parking area is shown on the attached layout.

MTA Real Estate’s third party consultant, CBRE, performed a fair market value rental survey which concluded that the proposed annual rent for the lease with GJDC is within market range for comparable properties. Due to the MTA’s exemption from local real estate taxes, it is anticipated that the property will become exempt from real estate taxes once the MTA is entitled to possession under the lease and the usual and customary paperwork requesting implementation of the real estate tax exemption is submitted to the NYC Department of Finance. As real estate taxes are included in the Base and Construction Period Rents, GJDC will provide a rent credit in the amount of real estate taxes that would have been due each year. Current real estate taxes total approximately $130,000 per year, therefore the actual annual rent after application of the rent credit will be approximately $1,470,000 for the first year. The CBRE FMV survey suggests a maximum annual rental value of $1,563,250 per year.

Based on the foregoing, MTA Real Estate is requesting authorization to enter into a lease with GJDC and separate subleases with Nassau County (or NICE Bus) and the NYPD based on the terms above.








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