Multiple Real Estate Brokers: Help or Hindrance?

Some business owners assume that contacting multiple commercial real estate brokers is better than seeking the services of one agent, thinking that this increases the number of properties they visit. While this makes sense in some ways, it is often not the case, especially in Manhattan. In New York City, all commercial real estate brokers source their listings from one property database, so multiple brokers will often show the same spaces to the same prospective tenant. Commercial vs. Residential Real Estate Landlords, leasing agents and property managers all source their listings from an online database exclusively accessible to professionals in the commercial real estate community. This listing service displays at least 99 percent of New York City commercial listings. Since… Continue reading

Posted in Brokers & Other Real Estate Professionals.
NYC Office Space Security Deposit

When you rent New York commercial real estate, landlords require payment of a security deposit at the time of lease signing. It will be returned to you at the end of the lease provided you comply with all relevant lease terms. Unlike residential properties, commercial real estate landlords have much greater freedom in the amount of security deposit they can demand. Manhattan real estate security deposits usually range from two to 12 months depending on the landlord’s perceived financial risk. Established companies with strong financial statements will pay less security than will start-up ventures that are just establishing their profitability. A respected commercial real estate agent will help you find the best value for your budget and credit history and… Continue reading

Posted in Understanding Commercial Lease Language.
Finding Office Space for Your Startup in “New Tech City”

You know the names: Google, Yelp, Foursquare. You may also know the real estate associated with them: Chelsea Market, Union Square, SoHo. All three, combined with a swarm of other NYC tech start-ups to open their doors in Manhattan in recent years, have helped New York City earn the suitable nickname “New Tech City.” In a recent study by the Center for an Urban Future, New York City was named the fastest-growing market in the country for Internet and media technology companies with more than 400 new companies opening between 2007 and 2011. The trend will likely continue as the city breaks ground on Cornell NYC Tech, a multi-million dollar satellite campus of Cornell University on Roosevelt Island that is… Continue reading

Posted in Manhattan Office Space.
Don’t Fear the Loss Factor

Few terms make brokers and tenants in New York City squirm these days like “loss factor.” Loss factor is essentially the amount of communal space for which a tenant pays, but which is not included in the actual size of the office. Examples of common areas that contribute to loss factor can include the building’s lobby, janitor closets and elevator shafts. Loss factor made headlines recently when a news story reported on a small office tenant who sued his landlord for nearly $300,000 due to damages incurred by the owner’s apparent miscalculation of rentable square footage (RSF). The story illustrated why loss factor is an important term to understand before signing a lease. Brokers Know Areas with Low Loss Factor The… Continue reading

Posted in Commercial Leasing 101.
nights and weekends

When the work piles up and deadlines run tight, sometimes it’s hard to squeeze it all in between 9:00 am and 5:00 pm. And let’s not discount the impending power of the pesky emergency. Clients make last-minute demands. Assistants get sick. Packages get delayed. Stuff happens. And when it does, the last thing you need is the added worry of being locked out of your commercial office space. Commercial Office Lease Provides the Details Landlords who rent commercial office space in New York City know that many companies have staff working after hours who need 24/7 access to their offices.  This is why most New York landlords include language a commercial office lease that gives a tenant entry to office… Continue reading

Posted in Understanding Commercial Lease Language.