Even as a experienced commercial agent I find these neighborhood lines confusing. Am I in Carroll Gardens or Gowanus? Bushwick or Williamsburg? Crown Heights or Prospect Heights? This map will help shed some light!
If you are looking to buy Industrial or Commercial Real Estate it’s important to identify how you are financing purchasing deal. While this seems obvious, often times I see buyers identify their type of financing to me but don’t prepare themselves to show proof of their ability finance a deal. This can erode a seller’s confidence in you as a buyer and reduce your chances of doing a deal.
The NY Times provides a nice breakdown on the difference between being PREQUALIFIED and recieving PREAPPROVAL when looking to recieve institutional financing on purchase of property. Understanding this key difference strengthens your negotiation position. It is highly recommended that you recieve preapproval from your lender because the lender requires you to disclose your financials for their review. While a lender’s preapproval letter does not guaranty 100% that the you will actually receive financing that matches the preapproval, but it’s enough to gain a seller’s confidence in you.
Getting Prequalified by your lender does not usually require to show the lender hard proof of your finances.. Sellers doesn’t recognize being PREQUALIFIED as proof that you are a serious buyer.
If you are currently looking for space in the 5 boroughs you can always call me for advise, call Jon Brooks, agent at 5CRE 212-366-0407, email me at jb@5cre.com..
Disclaimer: Not all information above may be accurate. Please before you use any advise in this post or any other post in this blog, consult with a real estate professional and/or attorney.
In case you missed my previous post, I discussed in detail the traits of a great commercial real estate agent. See Part One.
6. A good real estate agent has no problem saying “I don’t know.” Most people have trouble saying “I don’t know”. In fact the writers of the famous book “Freakanomics” discuss it in depth. It is impossible to know everything there is to know about real estate. Dealing in real estate covers many disciplines. A good real estate agent will never dispense false information in order to try to look appear knowledgable. Further more even if a real estate agent does say “I don’t know”, a good real estate agent will be quick to find the answers.
NYC is the home to the most saviest population when it comes to Real Estate. You will never see a city population more in tuned to their own real estate market. Owners of Commercial Real Estate are notoriously famous for being challenging to deal with
To help you navigate through these treacherous waters to lease or purchase commercial real estate, a good broker can be a guide to help you accomplish your goals. In this series I discuss how to identify the traits of a great broker.
So you are looking to lease a warehouse in Williamsburg for manufacturing hoola hoops, you are looking for a retail space to open a underground burlesque, or you are looking to purchase a commercial loft building to create an “Oragami Collective”. What ever kind of business you are in, you are probably looking to work with an agent. But these agents appear to have the same bland corporate portrait, drab website, and bland real estate signs. How do you tell these sharks apart? How do you find a good shark to trust and work with? You cannot tell from their suit, their car, or fancy business cards. There are distinct traits to look for, and once you know them, your battle through the real estate jungle got easier.
As a Real Estate Agent I would like nothing more then for a deal to move along quickly without friction. With that being said, I would never advise a tenant to simply sign a lease contract without hiring an attorney. REPEAT HIRE AN ATTORNEY before signing a commercial lease. Most likely you will be leasing the space for quite a number of years and signing unfavorable terms can cost you dearly, much greater then the cost of hiring an attorney. Landlord’s can sometimes tell a tenant “This is our “standard lease” everyone signs it. Remember the lawyer who drew up this standard lease, drew it up with the owner’s interest in mind.
I will in later posts explore in greater detail, the best way to find a competent attorney, exploring the elements of a lease contract, and how to ensure your attorney doesn’t hurt your deal.
I specialize in the leasing/selling of commercial real estate from 2500SF TO 250,000SF in NYC and surrounding boroughs.
Visit WWW.CTNYC.COM for my listings
Follow me on Twitter for instant up to date information on properties and real estate information
The Problem: The lack of spaces in Brooklyn that can service musicians in the city due to high rents, noise complaints, and landlords who don’t want to give long leases.
The Solution: I’m working with Industry City to create a music district in the amazing commercial loft spaces in Industry City in Sunset Park. Owners are looking for new music businesses. Owner is willing to do a complete or partial “Build to Suit”, offer long leases, free concession time. and a chance to part of the center of Brooklyn’s music industry.
Spaces Available: 5,000SF, 8,000SF, 13,000SF
If you speak to an agent, that’s an important question that should always be asked. There are no concrete answers. It really depends on the kind of market is in the area that your looking for property . I can only speak for myself when I say 95 percent of the properties I offer, I don’t charge the tenant a fee. I always make it clear before I offer I offer a property where I charge the tenant a fee. Hopefully any agent you come across does the same thing.
There is a wide range of fees an agent could charge a tenant ranging from the equivalent of one month’s of rent and up, and of course it is usually negotiable.
I specialize in the leasing/selling of commercial real estate from 2500SF TO 250,000SF in NYC and surrounding boroughs.
Visit WWW.CTNYC.COM for my listings
Follow me on Twitter for instant up to date information on properties and real estate information
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All writing subject to errors, omissions, change of price, or other conditions, prior sale, rent , and withdrawal without notice
Options in life are a great thing. Who wants to be pigeon holed? When you are leasing a commercial property, options for a tenant is a good thing. My advise is to always ask for them and push the limits.
A tenant’s option I’m referring to in a lease is in reference to the option to extend the amount of years you can remain in the space. For instance you sign a five year deal with a five year option. At the end of the fifth year you can either remain in the space or leave the space with no penalty. It’s your option. I understand tenants are wary sometimes thinking a straight ten year deal is better. Well what of after five years you need to expand? Or after five years you realize that you are paying above market rent? It is clearly to the tenants benefit.And while you have a five year lease with a five year option, why not ask for another five year option on top of it? The worst the landlord would say is no.
Landlords are wary of options. Options take the power out of the landlord’s hands. Especially if they feel like the market for their property will go up. They might offer you instead of a options with increases based on the market value sometimes based on the CPI Index (I’ll explain later on another post).
Options also take away the power of the landlord to sell the property. Not everyone wants to buy a property with tenants occupying the space on a long lease, especially if the buyer is a owner user. The landlord might give you the option, but insist if he sells the property, you must vacate the space.
If you are currently looking for space in the 5 boroughs you can always call me for advice, call Jon Brooks, agent at 5CRE 212-366-0407, email me at jb@5cre.com..
Disclaimer: Not all information above may be accurate. Please before you use any advise in this post or any other post in this blog, consult with a real estate professional and/or attorney.
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All writing subject to errors, omissions, change of price, or other conditions, prior sale, rent , and withdrawal without notice
I specialize in the SALE/LEASING of Industrial, Creative Lofts, Retail, Development, and Investment
Properties in New York.
As an agent, I have the amazing opportunity to mold, shape, create neighborhoods. Brooklyn is a great canvas to work with.
For my listings visit www.5CRE.com
Follow me on Twitter @jondavidbrooks
Call: 212-366-0408
Follow @jondavidbrooks
