Building Sales

 

 Purchasing commercial property in Manhattan NYC is a daunting challenge fraught with complexities that is difficult even for the seasoned real estate professional.
 

 Our real estate experts can help you figure out the costs of renting versus buying, factoring tax benefits such as depreciation, analyzing investment returns and values.
 

 As a business owner or investor, you may not be a full-time real estate expert. That’s why it’s important to surround yourself with the right team of experts. They can help you determine the right time to buy or sell, the right locations to consider, and the nuts and bolts of closing the deal.

 

 Here are some of the experts you may consider contacting:
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 Accountant: An accountant can help you figure out what your business can afford and analyze the tax and operating budget benefits.
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 Lawyer: A lawyer can help you complete the transaction, negotiating with the seller and lender on your behalf.
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 Commercial broker: A real estate broker can help you identify potential properties and what you can afford.
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 Mortgage broker: A lender or mortgage broker will help you sort through financing options, from bank loans to those guaranteed by the U.S. Small Business Administration, such as the Certified Development Company (CDC) 504 Program, used to finance primarily real estate or equipment.
 

 Here are some things to consider:
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 Physical condition: After identifying the general location, consider how the property was used, the wear-and-tear, whether there are any environmental issues or potential liability issues, such as asbestos or lead paint.
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 Allowable uses: If your business is an accounting firm, you likely need commercial office space. If you are a manufacturer, you need an industrial space. Either way, you need to make sure the zoning allows you to do what you need to do on the property.
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 Limitations on exterior and interior: Whether due to zoning laws or building codes or covenants, there may be limits to changes or alterations you can make to the property. A good example is a building that is in an historic area and subject to restrictions on changes that can be made to the facade.
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 Adequacy of access: You need to make sure your customers can park and take into consideration whether access is compliant with laws such as the Americans With Disabilities Act.
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 Opportunity for expansion or leasing: Entrepreneurs often have a rosy outlook about growth and so the potential to expand is a consideration as is the flipside – if you don’t grow as much as planned, can you lease out extra space?
 

 Purchasing Commercial Real Estate: Do Due Diligence and Evaluate the Property
 

 After you locate the right property, this is where your team of trusted advisors plays an important role.
 

 YOUR BROKER
 

 A broker will often help bring in third parties — engineers, appraisers, environmental analysts to help verify the condition of the property, its prior use, and any potential liability issues, whether structural soundness or necessary upgrades of electrical wiring. You should also be involved to make sure that there isn’t any potential for changes in adjacent properties that could negatively impact your business or property value, such as development. A title company can also make sure there are no prior or existing litigation and/or insurance claims affecting the property.

 

 Summary
 A.

 The most important thing is to think carefully about what could happen in the first 12 to 24 months after buying a building that would make you look back and say, "I made a mistake"
 B.

 If you’re very aggressive with revenue growth projections or overshoot how much space you need to occupy or buy and then the business doesn’t grow fast enough into that, you may have a problem.

New York Office Space is a full-service commercial real estate firm specializing in Manhattan commercial properties for local businesses and companies looking to lease space. Our brokers are experienced, dedicated experts in New York’s real estate market, including many facets not limited to; the geography of the city and the availability of the buildings across Manhattan.

NYOS guides its clients through the entire process, beginning with the initial search, through all showings, negotiations and even architectural and construction plans.

Please call or email a New York Office Space broker for details.