Transactions in real estate occur on a daily basis. As someone looking to buy, lease or sell a property, you will be part of a transaction as well. The most important thing to remember about real estate transactions is that they have the potential to impact your financial stability in the future. While it’s good to negotiate with potential buyers or sellers, you want to make sure the outcome is something that benefits you.
Something that is good to know is how much you can expect to pay per square foot when you buy in New York. For example, a recent lease taken out on a 6,716-square-foot space worked out to $54.50 per square foot. To purchase property on Broadway Street in Brooklyn, you’re looking at spending around $3 million for a 6,900-square-foot facility.
Why does cost matter?
Looking at current rental rates, sale prices and expectations can give you better information on when it is a good time to buy or sell. When you consider a recently sold property went for $3.7 million in Brooklyn for 6,273 square feet, it can help you understand whether or not a $3 million purchase for a 6,900-square-foot property would be reasonable.
There are many factors to consider, but knowing your market is the key to success. Whether you’re looking to lease, buy or sell, the current pricing you see in New York City can help you decide when you’re looking at a deal and when you’re better off walking away and biding your time. As with any real estate transaction, you want to make sure you’re making the right decision for your financial future.