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Tuesday, July 3, 2012

RIOC Real Estate Committee Meeting In Executive Session Today on Southtown Riverwalk Buildings 7-9 Ground Lease Modifications For Hudson Related - CBRE Hired To Provide RIOC With Roosevelt Island Real Estate Services and Gound Lease Advice

The Roosevelt Island Operating Corp (RIOC) Real Estate Development Advisory Committee will be meeting this afternoon in Executive Session (closed to the public) to discuss proposed ground lease modifications for Hudson Related Southtown's Riverwalk Buildings 7 - 9 (shown in picture above as future construction). According to RIOC:
PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Tuesday, July 3, 2012 at 1:00 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.


1. Chair�s Motion for Executive Session to Review and Discuss Proposed Modifications to the Ground Lease for Southtown Buildings 7, 8 and 9;

2. Discuss Any Other Committee Business That May be Brought Before the Committee.
I do not know yet what type of ground lease modifications for Southtown Riverwalk Buildings 7-9 are being discussed and since the meeting is in Executive Session, closed to the public, will not be able to report on what happens today. More information on Southtown buildings 7-9 development available in RIOC's 2012-13 Budget including (Page 6):
... Southtown 7,8 & 9 – as noted in the budget for the past two years, the development of Southtown 7, 8 & 9 will have a significant impact on the future cash flow of the Corporation. The developer, Hudson/Related (HR) holds an option to develop the site that expires on December 31, 2012. Preliminary discussions appear to be positive although development would depend on market conditions. If development should not go forward the future cash flow would be significantly negatively impacted as detailed on page 13....
and (Page 13):
... Early discussions with Hudsion/Related appear to be positive although development would depend on market conditions. If Hudson/Related did not go forth with development of 7,8 & 9 they would owe the Corporation a de-designation fee of Approx. $1,500,000 and the net effect on projected cash flows would be as follows:....
As reported last April, Hudson Related exercised its option on building 7 and plans to start construction in early 2013.

Roosevelt Island ground lease issues were one of the reasons RIOC Chief Financial Officer Steve Chironis cited for hiring CBRE as a real estate consultant during the June 28 RIOC Board of Directors Meeting. CBRE is replacing RIOC's former real estate consultant Jones Lange LaSalle.

When asked by RIOC Director David Kraut if there is any urgency to approve CBRE as RIOC's new real estate consultant at the June Meeting, Mr. Chironis replied yes. Here's that portion of the discussion

and the full discussion in which Mr. Chironis asks the Board to approve CBRE as RIOC's real estate consultant explaining that CBRE is very experienced in ground lease issues having worked on similar issues at Battery Park City and provided a cheaper bid than Jones Lang LaSalle.


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