Wednesday, November 17, 2010

RIOC Real Estate Committee Meeting Today To Review Roosevelt Island Main Street Master Leaseholder Proposals

According to the Roosevelt Island Operating Corp (RIOC):

PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Wednesday, November 17, 2010 at 6:00 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.

The agenda for the meeting will be:

1. Review of the Jones Lang LaSalle Americas, Inc. Report on the Commercial Master Lease Proposals; and

2. 2. Extension of Trellis Lease.
More on the Roosevelt Island Main Street Retail Request For Proposals here.

An audio webcast of the meeting will be made available soon thereafter (usually with 2 business days).

UPDATE  11/18 - The Jones Lang LaSalle representative reported at the Real Estate Committee meeting that there were 2 bidders for the RFP. After reporting the number of bidders, the RIOC Real Estate Committee went into executive session and the public, including me, were asked to leave. The reason given for holding the rest of the meeting in Executive Session was so that no confidential information be made public that could impact any negotiations between the Master Leaseholder bidders and RIOC/Jones Lang LaSalle. No other information regarding the Master Leaseholder RFP was provided by RIOC.

Also, Trellis did not get any lease extension at this time. Questions remain regarding Trellis complying with previous fire safety and ventilation issues and need to be resolved by Trellis before any lease extension can be considered by RIOC.

More later.


Anonymous said...

What exactly needs to be discussed about the lease extension for Trellis? Is the RIOC going to mingle in and force the owner to renovate? The only thing that needs to be discussed, IMHO, is how much of a rent increase they should ask for.

Anonymous said...

The RIOC Board should do the right thing and extend the lease for Trellis. And Kaie should be held to his word to renovate and redecorate as soon as possible.

While having many faults that need correction, Trellis IS the heart of the Island and deserves everyone's support...

Jesse said...

RIOC should exert some influence in the leasing process to ensure that existing leaseholders, if they renew, are held to some sort of standard for renovations.

While Trellis could use some renovation, IMHO it's actually the most presentable of the Main Street businesses. The hardware store, with its gates constantly down (even when it's open), looks like an episode of Hoarders. M&D and Cards and Gifts could both use some TLC.

And do I even need to mention Gristedes?

Main Street retailers and restaurateurs need to offer something special to lure island residents to shop locally. When prices are higher than off-island stores (which they generally are), customers will weigh convenience against the shopping or dining experience. As it stands for me, the convenience is overshadowed by higher prices and cluttered, dirty stores.

Anonymous said...

I don't understand why it is the government's responsibility to make sure that business owners keep their stores looking good inside. That's not how this works. Us, the consumers, vote with our wallets. You don't like the hardware store? Don't shop there. The only reason why they are still in business is because of the almost non-existent rent they are paying.

That said, raise the rents to something more "normal", get retailers to the island who can afford higher rents and have the money to keep their stores clean and neat, and we'll have improvement 300 fold over night.

Anonymous said...

It's not the government's responsibility, but it is the landlord's. In this case, the landlord is the government, in the form of RIOC.

Raising the rents is a perfect way to eliminate businesses who don't keep up their stores, but the key is to replace them, as you say, with "retailers who can afford higher rents and have the money to keep their stores clean and neat."

That's a serious undertaking. Hopefully RIOC and the master leaseholder can become true evangelists for the island, and help bring in such businesses. They won't think to come here on their own.


Update on RIOC Real Estate Committee meeting including Master Leaseholder and Trellis Lease extension.

According to RIOC, Trellis needs to address outstanding fire safety and ventilation issues before any lease extension negotiations occur.