Capital Properties, Inc. Enters into A Second Amendment to Its Lease Agreement with Metropark, Ltd
January 10, 2024 at 02:54 pm
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On January 9, 2024, Capital Properties, Inc. entered into a Second Amendment to its Lease Agreement with Metropark Ltd., dated January 17, 2017, as amended (the Lease Agreement), pursuant to which Metropark agreed to return to a fixed monthly rental payment of $57,000 per month subject to adjustment in accordance with the Lease Agreement. Additionally, the Company and Metropark agreed to settle the Company?s claim for deferred rent for all prior periods amounting to $1,126,818 (which amount had been fully reserved on the Company?s books) for $150,000 payable by Metropark in twenty (20) equal quarterly installments commencing on April 1, 2024 together with interest on the unpaid balance in the amount of 4.73% per annum.
Capital Properties, Inc. is engaged in the business of leasing the Company-owned land in Capital Center (Capital Center) and property adjacent to Capital Center (Parcel 20) in downtown Providence, Rhode Island under long-term ground leases with terms of 99 years or more. The Companyâs real properties are leased either under long-term leases or short-term leases. The Company owns approximately 18 acres in Capital Center consisting of 13 individual parcels. Capital Center, which is approximately 77 acres of land, is the result of a development project undertaken by the state of Rhode Island, the City of Providence, and the National Railroad Passenger Corporation (Amtrak). The Company also owns or controls 23 locations in Rhode Island and Massachusetts on which 44 billboard faces have been constructed. The Company also leases Parcels 3E, 3W, 4E, 4W and a portion of Parcel 20 in the Capital Center Area for public parking purposes to Metropark, Ltd.
CAPITAL PROPERTIES, INC. 
