Image of May 2011 RIOC Board of Directors Meeting
At yesterday's
May Board meeting, the Roosevelt Island Operating Corp (
RIOC) Board of Directors approved this:
Authorization to Enter into Master Sublease Agreement for Main Street Retail Space with Hudson/Related Realty
The deal is not yet done. The final contract has still to be executed which RIOC CEO Steve Chironis
reported will take another 4-6 weeks. No other terms of the deal were publicly revealed during the Board meeting in addition to what has been
previously reported - a 30-year lease on Main Street's approximately 100,000 square feet, Hudson-Related would guarantee RIOC the existing revenue it collects from the Main Street stores (about $900,000) and split any additional income and Hudson Related would invest capital in the physical appearance of Main Street.
Mr. Chironis added that Hudson/Related has committed to RIOC that they will reach out to the community for ideas about potential new retail uses and commercial tenants. Here is
RIOC's Retail Consultant Report detailing many of the ideas from the Roosevelt Island community for Main Street stores.
The Study concludes (Page 38) that the following types of retail tenants would be most appropriate for Roosevelt Island's Main Street:
1. Green Grocer
2. Ice Cream Shop
3. Specialty Cheese Shop
4. Seafood Store
5. Bakery
6. Pizzeria
7. Florist
8. Restaurant
9. Butcher
10. Home furnishings store.
RIOC Director Jonathan Kalkin, pictured below in center, emphasized the benefits to Roosevelt Island of having an experienced private sector retail developer controlling Main Street retail instead of a government entity such as RIOC. No longer will a prospective tenant for a retail space on Roosevelt Island have to suffer through the cumbersome procedures of the
Public Authorities Act, put up with any political machinations or smoke and mirrors said Mr. Kalkin. He added, if you run a good business, you can get the new space.
RIOC Director David Kraut, pictured above at left, stated that the Hudson/Related real estate team are very smart at what they do and expressed concern that those negotiating on behalf of RIOC are up to the task of insuring that RIOC gets a good deal, noting that in his opinion, the development agreement with Hudson/Related for Southtown Buildings 3-4 were "much too cheap" from RIOC's perspective.
Mr. Kraut, Mr. Kalkin and the other RIOC Directors unanimously approved the Roosevelt Island Main Street Master Leaseholder resolution making Hudson/Related Developer David Kramer, who was sitting in the audience, a happy man.
Also present, and making his first appearance presiding over a RIOC Board meeting was NY State
Homes and Community Renewal Commissioner/CEO and RIOC Chairperson Darryl Towns. Commissioner Towns is pictured below, on right, with RIOC President Leslie Torres and RIOC Board Director Michael Shinozaki.
A web cast of the April RIOC Board meeting should be made available within a few days.