New York City has long been known for its vibrant arts scene. Buildings and warehouses across the city are used as artists' lofts, galleries and event spaces -- sometimes illegally.
Manhattan has long been known for its diners. Even people who have never lived or visited here likely know the infamous Monk's Cafe from the classic show Seinfeld. However, this year has seen the demise of a number of diners, some of them classics, that have been in business for decades.
According to real estate broker Cushman & Wakefield, New York City has regained its spot as the most sought-after city for commercial real estate investment and development by foreign entities. New York dethroned London, which previously held the top spot.
Here in New York City, with limited square mileage, developers often build up rather than out, occupying valuable vertical real estate space. In fact, higher floor units, whether in commercial or residential buildings, often command higher prices because they come with some stunning views of the city and better natural light.
When you sign a lease, you hope that you'll stay put until the end of the term. However, you know that things can come up along the way.
It's no secret that New York City commercial real estate attracts investors from all over the world. Now, a number of real estate acquisitions by a Malaysian businessman and a film producer, both with ties to that country's prime minister, have been linked to a huge money laundering scheme, according to the U.S. Department of Justice.
When hundreds of thousands of dollars are at stake, the phrase "going over it with a fine-toothed comb" takes on an entirely different meaning. It is absolutely necessary to ensure that every detail of a large commercial real estate contract is tended to. This is how landlords and tenants avoid costly litigation and legal disagreements -- they make sure their contracts are clear.
When negotiating a commercial lease, you want to make sure you like the terms of the lease before signing. No matter how good the space is, it's never wise to sign something that you disagree with, just because you feel like you have no choice. Below are a few things you want to consider during this process.
Are you interested in leasing commercial space? If so, there will come a time when lease negotiations begin. This can be as simple or as difficult as you make it.
If you are involved in commercial real estate, you hope that every deal goes off without hitch. You also realize that this may not be the case. You know that something could go wrong at some point in the future, putting you in a bad position.