NASDAQ listed Seven Stars Cloud Group (SSC) has signed a seven-year lease for the entire 19th floor at 55 Broadway with an option to acquire the 18th floor. The firm consolidated several temporary offices to establish their Lower Manhattan headquarters. The landlord is building out the premises on behalf of the tenant. Alan Rosinsky of Metro Manhattan Office Space represented Seven Stars Cloud Group. The landlord was represented by CBRE.  55 Broadway is a 1982 Class A office building. It is located in the heart of the Financial District off Trinity Place. The building is occupied by such other tenant’s as GSA Group, Cancer Research Foundation and Security Mutual Life Insurance. Metro Manhattan worked closely with Seven Stars President Bob… Continue reading

Posted in Notable Leases.
Six Ways A Commercial Real Estate Broker Saves You Money

Virtually every business in Manhattan – and everyone who wants to start a business in New York City – will venture into the commercial real estate market at some point. They make be looking to rent office space, loft space, retail space or showroom space. It is not a journey to take alone. The New York City real estate market boasts some of the savviest landlords, property managers and leasing agents in the world, so it’s important to have the expertise of a commercial real estate broker on your side. An Experienced Realtor Can Help While you may be a smart business owner and veteran entrepreneur, you are likely a neophyte when it comes to finding and negotiating for commercial… Continue reading

Posted in Brokers & Other Real Estate Professionals.
What if I outgrow my space?

If business is booming and you need to expand into commercial office space NYC, the first thing you should do is pat yourself on the back. You deserve at least that much if you have made a big enough splash in New York to necessitate expansion. More demand for your goods or services requires hiring more employees to keep the business running smoothly. Of course, more employees means additional square footage, and unless you figure out how to use the ceiling, that means relocating to a bigger space. So what happens when your business outgrows its current commercial office space NYC but the lease term stretches endlessly before you? Don’t let this conundrum spoil the celebration. What to do When… Continue reading

Posted in Understanding Commercial Lease Language.
Utility & Miscellaneous Monthly Charges

Got the rent covered? Excellent. Now factor in the additional expenses for which you may be responsible if you lease Manhattan office space. Above and beyond the base rent, Manhattan commercial tenants are expected to shoulder the cost of electricity as well as a few other utility charges and operating expenses. Here’s the basic breakdown: Heat & Electricity for Manhattan Commercial Tenants The good news is that the cost of heat is always included in the base rent if you are a Manhattan commercial tenant. Electricity, on the other hand, is always billed separately. You’ll get hit with the bill in one of three ways: 1-     Directly from Con Edison (direct meter) 2-     From the landlord who monitors… Continue reading

Posted in Understanding Commercial Lease Language.
Who Build Outs the Space, You or the Landlord?

Often the existing layout of an office, loft, showroom or medical space needs to be modified in order to suit a potential tenant. “Building out” a space allows it to be customized to best meet a firm’s needs, and often involves building sheet rock walls, modifying electrical distribution, adding floor treatment, installing HVAC or lighting fixtures, and painting. When tenants evaluate a space, they should be sure to learn whether the landlord is agreeable to build-out in NYC. Many commercial landlords will agree to build-out in NYC for a credit-worthy tenant. Assuming the tenant signs a lease term of at least five years (so the landlord has sufficient time to amortize the cost of construction), the landlord will often modify… Continue reading

Posted in Commercial Leasing 101.