The Big Apple: Understanding Office Options
If you’re an international company thinking about opening shop in Manhattan, it’s daunting to know exactly where you should be, what it costs and what options make sense for your needs and your industry. We put together an overview of the main areas for office space, what they cost and what companies you’ll find there.
Do Small Tenants Matter to Landlords?
Small businesses are the lifeblood of New York City’s commercial real estate market – and yet, we hear all the time how afraid these same tenants are of their landlords and their broker’s. The reality? Small tenants have nothing to fear.
SNDA and Do I Need One?">What is an SNDA and Do I Need One?
An SNDA basically says that if a building goes bankrupt and the lender takes control of the building from the landlord, the lender will honor your lease. People tend to get very freaked out about SNDAs, but the truth is, they’re nothing to go crazy over. Find out why…
How to Minimize Your Security Deposit
“What is a normal security deposit?” is a question we hear all the time. People are always looking to minimize the amount of money they have to fork over for a security deposit – and while there are ways to do so, there’s no foolproof method to achieving a lower security deposit.
Real Estate Taxes and What They Mean to You as a Tenant
Did you know that the single largest expense for a commercial office building landlord in Manhattan (outside of debt service) is real estate taxes? And that 48% of the city’s total tax revenue is derived from real estate related taxes? Were you aware that in the last decade, real estate taxes have increased by 108%?
The Eight Mistakes Tenants Make When Leasing Office Space
We all make mistakes – but when it comes to leasing office space for your business, mistakes equal dollars – sometimes big dollars. Here are the eight most common mistakes tenants make when renting office space, as well as an insider’s take on how to avoid making them.
Are You Aware of the Sprinkler Law and Its Repercussions?
Starting in 2018 New York City building code will require all buildings over 100 feet in height to have a working sprinkler system in compliance with the new sprinkler mandates. You might think this code doesn’t apply to you, but it could. And if it does, be careful.
Now is the Time to do a Deal
Across the country the real estate market has been hit hard by the economic recession. Manhattan has been hit particularly hard. Prices are down and vacancy rates are up. Banks and hedge funds have dumped massive amounts of space onto the market. Sublets are aplenty and landlords are desperate. Right?
A Guide to Leasing Law Firm Space
In this special video feature, Bert Rosenblatt and attorney Kristen Wagner discuss the impact that recent changes in NYC real estate have had on local law firms.
Blend and Extend
So you signed your office lease at the top of the market, you’re paying a small fortune in rent, but your space is only worth a fraction of what you’re paying. What can you do to lessen your financial burden? Blend and Extend… here’s how it works:
Confused by the New Lease Accounting Standard? Here Is What You Need to Know
In 2010, the FASB and the IASB issued the “Exposure Draft on Leases.” It’s 66 pages long, and while we commend you if you’re one of the few who read the entire thing, we’re here to help break it down for you.
Green Leases: What They Are and Why Landlords Resist Them
Very few buildings in the city are green and/or LEED certified. What are you to do if you’re a tenant that believes in the importance of going green? Request a green lease.
Is Your Business Paying Too Much For Electricity?
One of the best kept secrets in the commercial real estate business – or at least, one of the most lucrative secrets – is the degree to which landlords exploit the electricity clauses in their leases. Virtually every tenant over-pays for electricity.
How To Take Advantage Of The Best Commercial Real Estate Market For Tenants In The Last 20 Years
Why the environment is right to gain lower rents, better terms, more concessions, and reduce overhead significantly.
The Top 5 Hedge Fund Buildings in New York
Wondering where the top hedge fund folks go to make their millions every day? We did a bit of research to bring you the top five hedge fund buildings in New York City.
The Top 5 Law Firm Buildings In New York
Looking to rent office space for your law firm? Here’s where the best of the best make it happen.
Tenant Improvements: What Can You Expect?
In New York City, which is often referred to as a “whole different animal” when it comes to real estate, tenant improvements refer to a fixed amount of money specifically designated by the landlord to improve the tenant’s space. Here’s what you need to know.
The Top 5 Hidden Costs To Look For When You Sign A Lease
Whether you’re planning on utilizing the services of a tenant representative or not, there are a few hidden costs you should keep your eyes out for when scanning your new lease.
How Negotiable is Price Per Square Foot?
Back when the market was good, price per square foot wasn’t nearly as negotiable as it is now. What with the economy being pretty beat up, landlords are eager to fill their buildings – often at a much lower price than they would have offered a few years ago.
Good Guy Guarantees: What They Are and Why Landlords Want Them
Aood Guy Guarantee is a limited personal guarantee that legally enables your landlord to pierce the corporate veil and legally go after you personally only in the event that you stop paying rent and refuse to vacate the space.
How Long of a Lease Should You Sign?
There are many things to consider when you begin to figure out how long you’d like your lease term to be. Here’s what you should know.
Leasing Space as a Non-Profit
The government designates non-profit businesses as 501c3’s, which means that they don’t pay real estate taxes on purchased property. Wondering what’s best for your non-profit? Here’s what you should know.
How Much for a Killer View?
Tourists may hunt for a view of the skyline, and house hunters may look for a view of the river, but when it comes to commercial real estate, the most expensive view around is that of Central Park. Looking at the green will cost you green!
Hiring The Professionals Who You Need When You Lease Office Space
When you begin to hunt for office space for your company, you’ve got to hire the professionals. They’ll ensure that you get the job done, and that you get it done right. A team of intelligent counsel will be your best weapon. Here’s who you’ll need.
Where to Find the Cheapest Office Space
If you’re looking to find the cheapest office space in New York City, there’s nowhere better than downtown Manhattan (defined as south of Chambers Street, river to river).
The Rubber Ruler The Loss Factor Between Rentable Square Footage and Usable Square Footage
Usable square footage is always smaller than rentable square footage. The difference between the rentable square footage and usable footage is called the “loss factor” – or as we like to call it, the rubber ruler.
How Long Does the Leasing and Moving Process Take?
The amount of time it takes to lease a new office space and move into it varies greatly from tenant to tenant, but there are some rules of thumb you can consider.
5 Questions To Ask Your Potential Broker
Just because you’re not personally paying the tenant representative broker doesn’t mean you shouldn’t do your research. We’ve compiled 5 questions you must ask before hiring your broker.
Renting Medical Office Space
When renting medical space in New York City, it is important to realize that a significant number of landlords aren’t keen on renting their spaces to medical folks. Many landlords may opt not to have medical tenants because of all the added foot traffic and specific construction requirements.
When To Renew Your Lease
If you’re 10,000 square feet or smaller, you want to give yourself 9–18 months whether you’re moving or renewing. That said, the sooner you start looking for a new space, or looking into renewing your lease, the better. Here’s why.
Why You Should Use a Tenant Representative Broker
Purchasing and leasing office space is much like everything else in life – it helps to have a professional on your side.