Two Strategies for Nonprofits to Eliminate Real Estate Taxes
Two Strategies for Nonprofits to Reduce Occupancy Costs Nonprofit organizations are in a unique position to execute on the strategies noted below to effectively reduce their leasing costs by an amount corresponding to the real estate tax cost that is implicit in their cost of leasing. 30-Year Leasehold Condominium:In NYC if a non-residential property is […]
The 30-Year Leasehold Condo – NYC – What you need to know.
The 30-Year Leasehold Condo NYC. What you need to know. Many nonprofits including charitable organizations, educational organizations, and healthcare providers are eligible for a real estate tax exemption when they hold legal title to a property. However, purchasing a commercial building or a commercial condo can be cost prohibitive for many organizations. A way to […]
The Good Guy Guarantee – NYC – What You Need to Know
What you need to know about the Good Guy Guarantee NYC. The Good Guy Guarantee seems to be one of the most misunderstood components of a lease. The biggest misconception is that the GGG gives the tenant the ability to walk away from the lease without any ramifications. That is 100% false. The Good Guy […]
Finding the Perfect Office Space in New York City
Many of brokerage websites claim that their firm will find you “The Perfect Office Space.” As a successful 30-year industry veteran, I am sorry to say, that unless you have Jeff Bezos or Elon Musk type money, and cost is not a factor, otherwise the perfect space is going to be a series of well […]
Annual Escalations in a Commercial Lease. What You Need to Know.
What you need to know about the “lease escalation” clauses in a New York City Office Lease The escalation clause is a provision in a lease that allows for annual increases in the rent. The rationale behind the clause is so a landlord can defray the increasing costs to operate, maintain, and service the building […]
Security Deposit in a NYC Commercial Office Lease. What You Need to Know
The security deposit in a commercial lease is very different than a residential lease. It can range anywhere from 0-12 months and is often one of more contentious components of a deal to negotiate. From the Landlord’s perspective the amount of security deposit is extremely important and is a major item in a lease […]
Deal Economics in a NYC Lease
The basic economic terms of typically more straight forward in a Class A Building where the rents are higher. Base Rent – This is the minimum rent that the tenant owes the landlord either on an annualbasis, a monthly basis, or a per square foot basis.Additional Rent – This is to account for the increase […]