Through investigation of corporate listings, Staff determined VFNS, LLC (dba NYPD Pizza) is not the same entity that executed the 1999 lease. The 1999 lease was with the corporation New York Pizza Department, Inc. and individually with Carl Columbia. Therefore they are not entitled to the right of first refusal contained in that lease. VFNS, LLC has offered $32.50 per square foot.
Mamma Mia’s On the Beach has offered $35.00 per square foot for Units 1 & 2 and has agreed to execute a Letter of Credit as security in the amount equal to one year’s rent. They have an excellent credit rating, have the assets to finance the build out and come highly recommended by former landlords.
10 comments:
Fox was NEVER Fox Surf and Beach Shop.....for the past 29 yrs they have been Fox Surf and Sail....a surf shop. Ck their cards & their t-shirts they'll be wearing tomorrow night. I know it sounds small, but it bugs me.
How exactly was NYPD Pizza oushed out? The 1999 lease was with another entity and that was the entity given right of first refusal. When the lease was assigned to NYPD Pizza, there were clearly stated terms of the actions needed to also assign the right of first refusal. Those actions were not taken. Thus, the only fair thing is to look at all interested parties on the same basis.
NY Pizza has been there for 17 years. They were always under the assumption that they had the Right of First Refusal. Even the meetings on the beach leases gave that clear impression. Now you say that they do not? Now you go and find some legal loophole and go out of your way to do it? Great stuff treating people that way.
All I can say is, looks like the work of the trio of Maxwell, Triolo and Amorso...
dog-eat-dog, the code of the world of business... good bye NYPD and welcome Mama Mia... that's the way the cookie crumbles... most of this is bovine feces created by the previous administration. NO clear direction in establishing proper conditions for first right of refusal... legal loop-hole, what ever it takes... may the best man or woman win... end of story... next please
It is very unfortunate that staff (Legal, Margoles, etc) did not do their due diligence regarding the leases. This has created a situation that should never have happened. I understand NYPD Pizza being at the beach for many years as I frequented them quite often. If the 1999 lease was assumed by the most current operator, then he should have the right of first refusal if all conditions were met. If there were steps delineated in the lease of what had to be done upon assumption and those were not taken, then the current operator has to take responsibility for that failure. Of course all of this could have been avoided if staff had done the proper vetting at the beginning of this process.
Good bye Vito and Barry. You will be missed just like John G's.
"Through investigation of corporate listings, staff determined VFNS, LLC (dba NYPD Pizza) is not the same entity that executed the 1999 lease".
- "All I can say is, looks like the work of the trio of Maxwell, Triolo and Amoroso". Pretty stupid comment considering it was STAFF DETERMINED and the commission of Golden, Mulvehill and Mcoy that started this whole mess at the beach due to their incompetency.
What incompetency? Can you be explicit? What whole mess at the beach? Please give details. If you are talking about the over padded costs for turtle lighting, etc. whose fault is that? Be precise. Thanks.
The incompetancy seems to have been in the oversight and due diligence before the project started and now during the construction phase. The Casino Project just doesn't have to be this hard. And for that matter the rest of the beach project shouldn't either. I blame all that have or have had the power to oversee and manage this project.
The leasing didn't have to be this difficult either. We have a broker collecting fees that are above the norm. Typically the fee for a premier project like this would be at the most 6% if you have a co-brokerage situation and 5% if the broker alone does the deal. Renewal or new leases with existing tenants would be typically 2.5%. So somehow, and good for Mr. Snitkin for cashing in, we have a broker who down played the 2nd floor panaramic Atlantic Ocean view space, down played the lease rates and seems to be just taking lease orders and shoving leases in front of the commission. As a result we have bidding wars in commission meetings, an unrealistic CAM budget, prospective tenants that seem to have been promised one thing and then promises broken once they get to the commission level. And for this the City gets to pay 10's of thousand of dollars above market for lease fees on top of the other miscalculated expenses.
Hopefully this gets on track somewhat tonight. We shall see.
Chris
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