A Broker Just Finds You Space, Right?… Wrong!
Finding the right space, though important, is half the job. Getting the best possible deal is where a good broker distinguishes him or herself. There’s a saying that landlords get rich by the nickel and dime. And it’s true. Understanding and negotiating the minutiae of a lease has a direct and significant effect on a tenant’s bottom line. Because a lease is 90 percent business we work with the attorney on the transaction to identify onerous lease terms and negotiate with the landlord to fix them. We painstakingly examine and negotiate each and every lease provision, including:
- Rent
- Free rent
- Sublease and
assignment clause
- Operating expense clause
- Free freight time
elevator charges
- Real estate
tax clause
- Electric clause
- Expansion options
- Renewal terms
- Tax treatment of a
landlord’s contribution
- Escalation and
self-help provisions
- Initial construction
and alteration clause
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.
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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.
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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…
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“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.
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