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I worked with a commercial broker in NYC up till the pandemic broke out. The empty spots in the city do speak with prospective tenants but often have unrealist
by gogopuppygogo 6y ago
I worked with a commercial broker in NYC up till the pandemic broke out.
The empty spots in the city do speak with prospective tenants but often have unrealistic requirements for small companies and unrealistic pricing. Beyond the rent you may be required to have seven figures liquid to be in a position to secure a lease. Especially for a restaurant. Especially if there is a buildout.
- valuearb 6y agoOf course you do. Would you spend a hundred thousand on a custom buildout for a $1M lease if there was a significant risk the tenant would stop paying only a fraction of the way into the lease? Things get a lot easier if you can take the space as is. But even then, if the landlord thinks your business is at a high risk of closing within a year, what’s the point? Why not spend most of that year finding a secure tenant likely to last for a decade or more.
- gogopuppygogo 6y agoThere are very few small companies with liquid cash reserves in the seven figures. This makes Manhattan commercial real estate unaffordable for them. This leaves many empty stores in Manhattan.