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.
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.
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.