CHATHAM, NJ - New Jersey Transit has a vote on its agenda for Thursday that will approve a long-term lease deal to a company named Fishawack 4, LLC, which would operate a restaurant in the eastbound building of the Chatham Train Station.
Mayor Bruce Harris made the announcement of the vote at the regular meeting of th Borough of Chatham Council held Tuesday night. Council member Len Resto noticed the NJ Transit agenda item and brought it to the attention of Harris.
The proposed restaurant will serve breakfast lunch and dinner, according to the information provided by NJ Transit in its agenda publication. The description of the Bistro-style restaurant is described below by NJ Transit in its meeting agenda.
"The restaurant will be of contemporary design and echo the historical elements of the station while offering a rousing 21st Century-style Bistro with distinct menus for breakfast, lunch and dinner. By entering into a lease for the Chatham railroad station to operate as a restaurant will provide non-farebox revenue to NJ TRANSIT and serve as a commuter passenger amenity to our passengers."
If the lease agreement is approve by the board, NJ Transmit would enter into a 20-year lease with Fishawack 4, LLC and receive $18,000 per year, which includes a 2.5 percent annual increase. NJ Transit expects to receive a minimum of $459,000 in rent over the term of the lease.
Chatham Borough Mayor Bruce Harris reads a portion of the NJ Transit agenda which refers to the restaurant at the Chatham Train Station
Below is a full transcript of the NJ Transit agenda item that will be voted on by the board in Newark on Thursday.
ITEM 1610-44: CHATHAM TRAIN STATION PROPERTY – LONG-TERM RETAIL LEASE OF EASTBOUND STATION BUILDING
Leasing NJ TRANSIT’s Chatham train station Eastbound Building to Fishawack 4, LLC, will provide non-farebox revenue in the form of an annual base rent of $18,000 with 2.5 percent annual increases plus a percentage rent of gross annual sales for the operation of a restaurant. NJ TRANSIT is estimated to receive a total minimum of $459,000 in escalating base rent over a twenty-year term. The tenant is additionally responsible for maintaining the demised premises. The prospective tenant, Fishawack 4, LLC will provide capital improvements to the Chatham railroad station retail concession space in an amount estimated to be $900,000.
Authorization is requested to enter into a twenty-year lease consisting of fifteen years with one, five-year extension with Fishawack 4, LLC for the operation of a restaurant concession consisting of approximately 2,000 sq. ft. in Chatham train station’s Eastbound Building at annual base rent of $18,000 with 2.5 percent annual increases plus percentage rent at an escalating range of between five to ten percent of gross annual sales over $700,000.