Update: Alverthorpe Manor Lease on the Agenda Tonight

Update: The Abington Public Affairs Committee deleted this item from the agenda. Abington Township Manager Michael LeFevre said the township is still in talks with the group Lubavitch of Abington regarding a lease. LeFevre said he expects a lease to be brought to the board of commissioners in June or July.

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According to the Abington Public Affairs Committee agenda, the committee will discuss the lease terms for Alverthorpe Manor at its meeting tonight.

According to the agenda, the group Lubavitch of Abington agreed on the terms of a lease with the township for the 2,300-square foot building — except for the rental costs.

The township reached out to Quinn and Wilson Realtors to have the former Settlement/Jenkintown Music School site appraised. A Realtor with Quinn and Wilson appraised the rental value of the property at $9.41 per square foot ($21,640 annually); Lubavitch of Abington’s real state agent appraised the property at $7 per square foot ($16,100 annually).

The lease agreement says:

“The gross annual rent … shall be $19,074, payable in monthly installments … provided that, the amount of annual rent for the first 60 months of the lease term shall be reduced by the amount of $4,000 per year in consideration of restroom improvements, installation of a kitchenette, carpeting and painting, all to be performed by Lessee."

The term in the agreement is for one year, starting June 1, 2012. The lessee has the option to renew its lease for an additional one-year period, four times.  

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Check back for an update.