THINGS TO KNOW

Well, if you have a toothache, would you go to several dentists? Probably not. Using several brokers is like having several dentists drilling in the same hole: it’s a recipe for pain and confusion and in the end, you won’t be any better off than had you chosen one, a costly and inefficient approach. It’s more likely you’d visit one dentist who, beyond just drilling in your mouth: • Offers the […]

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Everyone likes the satisfaction of having gotten a “good deal” on their own, but no one likes the feeling of finding out they could have done better after it’s too late. Having a Tenant Broker gets you the first, while avoiding the second. New York Landlords hire a Landlord Broker to represent their interests in lease negotiations. Their brokers also improve the marketability of the Landlord’s property, market the property, […]

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The “ask” is the amount of rent the landlord wants to cover operating expenses and make a profit. It is an amount set with the help of his Landlord Broker to maximize the landlord’s profit, based on his broker’s knowledge of the market and other factors. The “take” is the least amount of rent the landlord will accept. Since most expenses are fixed (escalating annually) and are often passed on […]

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Foreign non-US based companies will need to form a US-company (LLC or Corporation), open a US-based bank account and file all appropriate state and federal forms and acquire all necessary licenses in order to operate in the US as a gallery. Immigration requirements may apply. More information may be found here, here, and here. This information is general in nature, not legal advice and it is imperative that you consult […]

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After you have found a space and the terms for it’s lease has been fully negotiated and agreed to and the Term Sheet has been issued (a memo that specifies the terms of the various items that were negotiated and agreed upon by both parties), you (or actually, your attorney) will receive the DRAFT lease for attorney review (something we strongly recommend). Among the many items covered in the lease rider will be a […]

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You will encounter one of the most difficult aspects of commercial RE when you measure a space only to find it smaller than that advertised. This difference is called Loss factor and exists to a greater or lesser degree in every single space you will see in New York. Below are the accepted definitions and conditions by NYS Dept of State for Rentable vs. Usable square footage, for your information. […]

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After we have explored all the options for your gallery and seen all available properties, and you have decided that one or more would work well, we submit a written offer specifiying your desired terms. This is where negotiations begin, after we receive the Landlord’s counter-proposal. This is a process that can take two or three weeks, so advance planning is important if you have a deadline for opening your gallery. The only […]

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Q1 2013 – What Can You Afford and Where? You know what you can afford in monthly rent, you have a good idea of the optimal size of your gallery, and where you want to be located. The Landlord assigns value to his property in terms of dollars per square foot since the size of his building is expressed in gross rentable square footage, taxes are assessed by the sq. […]

Categories: THINGS TO KNOW