Should a Company Hire an Exclusive Broker?
Should a Company Hire an Exclusive Broker? The answer is 100% yes! Let me caveat that to say, that you should only engage an experienced broker with a proven track record of working on similar transactions as to yours. A real estate transaction is complex and as an occupier there is a lot to […]
The Difference Between Costar and LoopNet
The Difference Between Costar and LoopNet If you are looking to find office space on your own, it is important to understand how the tools work and their limitations. The primary listing service that the brokers use is called Costar. There is no cost to the landlords or their agents to list their available spaces. Costar […]
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 […]
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 get the full tax benefit of ownership without the […]
What is the Purpose of the Good Guy Guarantee? Everything you Need to Know.
What is the Purpose of the Good Guy Guarantee? Everything you Need to Know. The Good Guy Guarantee (GGG) started as a simple concept, yet it has become one of the most misunderstood components of a commercial lease. The biggest misconception is that it gives a tenant the ability to walk away from a lease […]
Finding the Perfect Office Space in New York City
Finding the Perfect Office Space in New York City Many 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, the perfect space is […]
Annual Escalations in a Commercial Lease. What You Need to Know.
Annual Escalations in a Commercial Lease. What You Need to Know. 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 and continue to provide the same […]
Security Deposit in a NYC Commercial Office Lease. What You Need to Know
What is a Standard Security Deposit in a NYC Commercial Office Lease. In the high-stakes world of New York City commercial real estate, the security deposit is far more than a formality—it is often the most contentious point of a negotiation. Unlike residential leases where one month’s rent is the standard, commercial deposits can range […]
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 […]