NYDailyNews

NYDailyNews

Bill's Harlem Digs Still Priciest for Any Ex-Prez

By ERIC HERMAN Daily News Business Writer

Former President Bill Clinton has personally approved the lease for his Harlem office, even though costs have zoomed so much that his space still will be the most expensive for any ex-President, sources told the Daily News yesterday.

Sources pegged the annual cost of the office at $357,000.

"The lease is done. I would expect it to be signed this week," a government source said.

The General Services Administration completed lease negotiations last week with Cogswell Realty, owner of 55 W. 125th St., where Clinton wants to rent the 8,600-square-foot office on the 14th floor.

Clinton okayed the lease Monday, and the GSA sent it to Cogswell for signing, a government source said.

"There are a lot of moving parts, and we anticipate being able to finalize all of the agreements with the various agencies involved no later than the end of this week," said Arthur Stern, CEO of Cogswell Realty.

Former President Ronald Reagan's rent in Los Angeles is $285,000 this year, making Clinton's office the most expensive. Reagan's rent will rise to $357,000 next year, GSA said.

Clinton went shopping for office space in Harlem after he was hit with a firestorm of criticism for wanting space in luxurious Carnegie Hall Tower, which would have cost taxpayers about $800,000 a year.

Expectations were that taxpayers would get a deal when the ex-President went to Harlem, as space in the area was going for about $24 a square foot. But government sources said Clinton's Harlem office will cost between $353,000 and $357,000 a year — which works out to $41 a square foot.

Sources said the price went up partly because of $300,000 worth of improvements to the space and because Cogswell had to reimburse the Administration for Children's Services, which already had leased the site. Those costs are expected to be passed along to GSA.

The lease lasts for 10 years, though Clinton can opt out after three years and again after six. Despite the costs, local brokers were surprised by the price tag.

"It's a well-above-market deal — almost twice what the market should be for that," said broker Gordon Ogden of Byrnam Wood.

-- Anonymous, March 28, 2001