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Q&A
Status update on 88 East Broadway Mall lease and ownership
1:41:19
ยท
95 sec
Council Member Restler inquires about the status of 88 East Broadway Mall, which has been pending new ownership for two years. Commissioner Molina explains that the matter is in bankruptcy court, with a plan approved for the city to issue a new lease to Broadway East Group. The city is performing due diligence and expects to execute a new lease in 2025, subject to court proceedings.
- The mall's situation involves ongoing litigation in bankruptcy court
- DCAS is working on executing a new lease with Broadway East Group
- Commissioner Molina offers to connect Council Member Marte's office with the appropriate contacts for updates
Lincoln Restler
1:41:19
I have one question on behalf of council member Marte, my friend and colleague from Lower Manhattan, about the status of the 88 East Broadway Mall, if there's anything you can share there.
1:41:31
It was supposed to be taken over by new owners two years ago and updates have been requested and nothing's been received.
1:41:38
My understanding is there were some legal problems with the new group.
1:41:43
But I'm trying to understand the mall is just sitting there decaying after city hall had rushed to give it to their allies and now we want to understand what the path forward is.
Louis Molina
1:41:57
Just I just wanna be exact because this involves litigation as well.
1:42:00
So, the matter related specifically to East Broadway Mall is still pending resolution in bankruptcy court.
1:42:07
The court has approved a bankruptcy plan for the city to issue a new lease to a new group called Broadway East Group.
1:42:13
The city is currently performing its due diligence before executing a new lease, subject to of course the bankruptcy court's proceedings and the completion of the due diligence between DCAS and its base executing the new lease in calendar year 2025.
Lincoln Restler
1:42:30
Okay.
1:42:30
So you expect to execute a new lease this year?
1:42:33
That's our Yes.
Joe Wagner
1:42:34
Okay.
Louis Molina
1:42:34
Presuming the bankruptcy court is
Lincoln Restler
1:42:36
in support.
1:42:36
And is there somebody that council member Marte's office should be following up with if they're not getting information?
Louis Molina
1:42:41
I mean, I know council member Marte well, so he can always reach out to me directly and I can connect him with who he needs to speak with on our side.
Lincoln Restler
1:42:47
His staff just walked out of the room, but we will follow-up with them to make sure that
Louis Molina
1:42:51
But he has my cell number and everything.
Lincoln Restler
1:42:52
We appreciate that, commissioner.