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Social Security pays an average monthly rent of $16,754 for Cronin Road office

Chronicle News Editor Gordon Woodworth writes: We continue to follow up on last week’s Chronicle scoop that the Social Security Administration will in 2021 move its local office from Cronin Road in Queensbury to the former post office at 70 Warren Street in downtown Glens Falls that has been redeveloped by Peter and Suzanne Hoffman.

The rent at the former post office will be $20,267.11 per month and the lease is 10 years long, we were told by Robin Croft, a spokeswoman for the General Services Administration.

Following up this week with Ms. Croft, she said the government had a 20-year lease for its Social Security office on Cronin Road. She would not detail what the monthly rent was, but said, “The total value of the current lease is $4,020,974.12 for 20 years of the term.”

Dividing the total value into the 240 months of a 20-year lease, that works out to an average of $16,754.06 per month.

The lease with the Hoffmans is for 10 years and is worth at least $2.43-million.

Ms. Croft declined to answer our question as to whether the rent payments escalated over the years. She wrote, “As advised, we can only provide the total aggregate rent of the contract.”

She said the lease on Cronin Road runs out on Dec. 31, 2021 and the lease on Warren Street begins in March of 2021.

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