Thursday, March 10, 2016

Roosevelt Island Main Street Retail Update Discussed At RIOC Board Meeting, Exciting Lease Proposal Currently Being Negotiated Says Hudson Related But No Details Given - Trellis To Open In About A Month?

The Roosevelt Island Operating Corp (RIOC) Real Estate Advisory Committee met Monday March 7 (full audio cast of the meeting here). Among the items on the agenda was a Main Street retail update.

RIOC Director Howard Polivy read portions of a statement from Hudson Related Main Street Retail Master Leaseholder David Kramer. According to the statement read by Mr. Polivy:
... tenants actively working on renovating their spaces - NY Public Library, Archdiocese, Urgent Care, CDM Kids...
.... we have a a very exciting lease proposal we are negotiating for one of our most high profile retail locations which we hopefully can talk about soon....
followed by laughter among those present.

Mr. Polivy added that RIOC's interest in Main Street retail is limited to Hudson Related paying their rent to RIOC, which is being done.

RIOC Director Michael Shinozaki noted that RIOC's interest may be greater than just accepting rent from Hudson Related. Mr. Shinozaki thought there was a "claw-back" clause in the Master Lease in the event a tenant does not open within a certain period of time. The other Directors were not sure about any "claw-back" provision for tenants. RIOC President Indelicato said they would check to see if there was such a provision.

RIOC Director Fay Christian said that the Trellis Diner owner told her the long under renovation Trellis would be open in about a month. More laughter followed.

Mr. Polivy concluded:
...Apologies to the public - we wish it would work faster, better....
Here's the full Main Street retail discussion

and latest update from Hudson Related and retail broker Cushman Wakefield given in February.