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Are you thinking about getting a Lower Manhattan, NY commercial property for lease? If so, you’re going to want to work with a credible and qualified commercial lease agent. Salem Advisory, LLC is one of New York County’s most trusted commercial leasing companies. For more than 20 years, our certified leasing consultants have been helping Manhattan business owners attain affordable real estate leases on the properties that best meet their needs. When you work with a lease agent from Salem Advisory, LLC, you can have confidence knowing that you’ll have a successful and enjoyable experience.
4 Kinds of New York County commercial property for leases
You’ve decided that you want to rent a space in a commercial building for your business. But before you do, you want to find out about the different types of real estate leases before you proceed so that you can make an informed decision. A Lower Manhattan, NY commercial property for lease is different than a residential lease. While both serve as an agreement between the lessee and the property owner (the landlord), with a commercial lease, the property is strictly outlined for commercial or business-related use. Commercial properties must meet certain zoning requirements that indicate what kind of business can be operated in a particular space. Additionally, Lower Manhattan, NY commercial lease agreements more complex than residential leases, as the terms that are associated with them vary from lease to lease and the terms are much more negotiable. It’s for these reasons that, if you’re thinking about renting a commercial space, you should work with a professional New York County leasing consultant.
Now that you have a basic understanding of a Lower Manhattan, NY commercial property for lease, let’s take a look at the different options that are available in New York County.
Also known as a gross lease, with a full-service lease, the property’s operating expenses are included in the base rent of the property. As such, the base rent tends to appear higher than other kinds of real estate leases for commercial properties; however, the landlord is responsible for the building expenses, such as maintenance fees, taxes, utilities, and insurance, and they will use the funds from the tenant’s base rent to cover these expenses.
Typically, this type of lease specifies that the renter pays a portion of the operating expenses for the building they are renting. This can include maintenance fees, insurance, taxes, and utilities. The renter will pay some, but not all of these expenses on their own. There are three different types of net leases:
Modified Gross Lease
A modified gross Lower Manhattan, NY commercial property for lease is kind of like the middle road between a gross lease and a triple net lease. The renter will pay the base rent, the expenses, and a portion of the operating costs. Details do vary from lease to lease; for example, the tenant may only cover the base rent and utility expenses for the first year, but for the additional years on their lease, they would pay a pro-rated share of the operating expenses.
Tenants cover the cost of the base rent on a percentage real estate lease, as well as a percentage of the monthly sales the business brings in. Usually, this reduces the cost of the base rent. Because a percentage lease is based on the monthly sales that a business brings in, this kind of Lower Manhattan, NY commercial property for lease is used for retail establishments.
Important Points to Note
While the above is an overview of the four real estate leases that New York County business owners, it is important to note that the descriptions to not signify the absolute rules; however, they do offer a broad outline of the different options that are available and what type of costs that are associated with each one. Keep in mind that all Lower Manhattan, NY commercial property for leases are different and are negotiable. Make sure you read through the fine print with your Manhattan lease agent, as well as your attorney, in order to ensure that you fully understand the terms and conditions before you sign and commit to the lease.
Contact Salem Advisory, LLC for All Your Lower Manhattan, NY commercial property for lease Needs
To find out more about the different types of real estate leases for commercial properties in New York County and to secure the best rates possible, get in touch with one of the most reputable commercial leasing companies in Manhattan, NY: Salem Advisory. Give us a call at 212-517-1077 or visit us online at https://www.salemadvisory.com.