In New York City, lessors of commercial property typically expect some negotiation when they present a proposed lease to a prospective lessee. Obviously, the amount of monthly rent is one of the most critical terms. But base rent alone is not the only figure the potential tenant must consider. Commercial leases vary greatly in terms of which party is responsible for other costs including utilities, property taxes, maintenance and insurance. There are four basic types of commercial lease that handle these costs in different ways.
Renting commercial space in New York City can be a complex proposition. Whether you are looking for retail space, office space or industrial property, it is important to understand key lease provisions and negotiate terms that are as favorable as possible.
When a commercial property owner gets into litigation with a tenant, the expense can be a huge drain on the bottom line. Sometimes it takes a little outside help to resolve the situation and get back to making a respectable profit. For the owners of the International Olive Building, a landmarked structure at the corner of Broome Street and Mercer Street in Soho, that outside help came from Crown Acquisitions, who took out a 49-year lease to manage the building.
New York's Hudson Yards project covers 28 acres on the West Side of Manhattan. It is considered the biggest real estate development in U.S. history, and it is emblematic of the resurgence of New York City's real estate market. It is also a colossal engineering project. It is being developed jointly by Oxford Properties Group and the Related Companies.
Times Square has long been a prime location in the world of New York commercial real estate. Whether it is for the construction, remodel, sale or lease of a building, contracts and agreements are drafted to ensure these actions are carried out properly. Although a legal document helps detail an agreement, disputes could still arise among the contracting parties.
Lower Manhattan is becoming a popular choice for businesses seeking to relocate. Downtown's commercial property market recently saw a major deal finalized, as BNY Mellon signed a lease for 350,000 square feet of space at 225 Liberty Street, on the site of the former World Financial Center. BNY Mellon is relocating to the site from its old headquarters at One Wall Street.
A popular Lower Manhattan restaurant is suing its landlord, claiming the landlord is trying to drive it out of its space to make room for a more profitable tenant. P.J. Clarke's, part of a popular chain, has occupied the space at the former World Financial Center since 2006 and became a popular spot as the neighborhood recovered from the September 11, 2001 terrorist attacks.
Right now, demand for retail space in New York is especially strong. That is why investors are undoubtedly interested RadioShack's recent announcement that the company intends to close 1,100 U.S. stores. While the exact locations of those stores weren't reported, New York's generally high rents are likely to make many of the city's RadioShack locations ripe for closure.
The recent acquisition of 60,000 square feet of retail space on Williamsburg's waterfront signals that investors continue to show interest in the area's burgeoning commercial real estate market. An investment firm out of Washington, D.C., acquired the retail condo, which is located at the foot of The Edge, a large condominium complex that towers over the East River.