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The leases with CUNY were due to expire in 1992, 1993, and
1994. CUNY, however, could terminate the leases in 1990 provided
CUNY gave 12 months' advance notice. Further, if, for any year,
CUNY's budget was not approved, CUNY's leases with the FC
Partnership would automatically terminate on the last day of
CUNY's current fiscal year.
In addition to CUNY, other tenants of office space in the
Partnership Properties included Manufacturers Hanover Trust Co.,
Crown Books Corp., American Skandia Life Assurance Corp., STV
Seellye Stevenson Value & Knecht, and Guardian Life Insurance Co.
of America. During 1988, of the 555,015 square feet in the
Partnership Properties, 535,635 square feet (or 97 percent) were
leased.
From 1982 through 1988, lease income from the Partnership
Properties increased each year.
In 1989, total lease income of $16,058,359 was received from
the Partnership Properties. Of this amount, $2,091,410
represented payments the tenants as a whole were charged with
respect to capital expenditures the partnership had made on
renovating the Partnership Properties.
Cash distributions to each partner of the FC Partnership
increased from approximately $10,000 per ownership unit in 1982
to approximately $40,000 per ownership unit in 1986.
In each of the succeeding 3 years (namely, 1987, 1988, and
1989), regular cash distributions to each of the partners of the
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Last modified: May 25, 2011