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Tenants at Gateway pay free-market rents on their initial lease and guideline increases on renewal.
Some local landowners, having spent their initial lease bonuses, are now deeply in debt.
Did I sign away all future rights when I signed the initial lease?... Gerald T. Vitagliano, Manhattan.
Rent-control ordinances, for example, sharply limit rent increases after the initial lease for most housing constructed before 1979.
While the initial lease will be for about 15 years, it may be extended by 20 more.
If a court blocks the project between now and April 2005, the lease allows the developers to cancel the deal and recoup their initial lease payment but not money spent on construction.
Similar(46)
Throughout his career, he spearheaded the initial lease-up of more than 20 million square feet of office space nationwide.
The initial leases in Levittown, America's pioneering post-World War II suburb, announced in bold capital letters that its homes were not to be "used or occupied by any person other than members of the Caucasian race".
"We have got Kingsley Hall and I have moved into it," Laing wrote to his colleague, Joe Berke, when he was granted an initial two-year lease.
Mr. Clinton, for his part, had been battered by critics over last-minute presidential pardons and over his initial plan to lease an expensive, taxpayer-funded office suite in Carnegie Hall Tower on West 57th Street.
For Nasa, the sale offers rich pickings - the agreement will provide it with $1.16bn £731mm) in rent over the initial 60-year lease term.
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