Today, I'm getting into the Halloween Spirit. The Village Halloween Parade is *ON* this evening, and I plan to walk in the parade with my husband (going as the Keebler Elf) and daughter (going as a sassy spirit). I came to work today in costume.....a picture is after the jump.
Without further ado.....
Metropolitan Commercial is now Century 21 Metropolitan. We are proudly part of a global real estate network of more than 7,000+ independently owned and operated franchised broker offices in 75 countries and territories worldwide. We strive to provide relevant, informative and enjoyable insight to anyone searching for the right commercial space in New York City
Thursday, October 31, 2013
Friday, October 11, 2013
The Empire State Building is now part of a publicly traded REIT
It's official. The Empire State Realty Trust debuted on the New York Stock Exchange last week, trading at $13 per share. The REIT includes a portfolio of 12 properties located throughout the region with 7.7 million square feet of office space. Litigation delayed the initial public offering (IPO) for more than to resolve objections to bundling the iconic building with rest of the real estate portfolio.
Monday, September 9, 2013
Your Business Plan & Commercial Lease: Ready for Success
Many successful business owners jump into business and intend to 'figure everything out along the way.' However, whenever a business requires a dedicated space, entering into a commercial lease agreement is not something to be "figured out along the way." The consequences of an unfavorable agreement will stick around for years to come. Therefore, whether prepared in excruciating detail, or scribbled into a succession of notebooks, a business plan is a crucial (and underutilized) tool to focus decision-making, spending priorities, and resource allocation for businesses of any size.
When it comes to leasing a commercial space, a business plan be used to clarify key space requirements, demonstrate seriousness as a prospective tenant, and convince a landlord of a business's likelihood of success.
Promote Integrated Thinking
The process of creating a business plan promotes integrated thinking about the business model, objectives and resources (think: measure twice & cut once). That integrated thinking is also instrumental to clarify key business needs that will drive the unique space requirements for a specific business. Space requirements range from square footage, amenities & features, volume of foot traffic, display options, ceiling height, venting, and much much more.
Demonstrate Seriousness as a Prospective Tenant
In the hyper-competitive real estate market in Manhattan, a business plan can also help to demonstrate seriousness as a tenant during lease negotiations. Why is that important? A tenant that demonstrates the discipline to formalize a plan for their business is more likely to take the obligations of a commercial lease agreement seriously as well.
Convince Landlord of Success
Finally, a business plan can help a landlord to determine whether the business owner is prepared to operate a successful business. What insight can a landlord glean from a business plan? Answers to questions like: do you know your fully loaded costs to acquire a customer? Can you generate enough revenue at this location to cover all operating costs? Does your business rely on a specific neighborhood or building feature to drive revenue? How do you plan to generate revenue and pay expenses during initial month of operations? Are you funded and staffed to undertake necessary renovations and improvements? Do you have a strong team in place to guide you through key decisions?
Resources Around the Web
If you are ready to beef up your business plan, and don't know where to start, below are a few great resources on the web - and connections to organizations that exist to support small businesses in New York City.
One lesson learned early and repeated often: while the wrong location can destroy a fledgling business, no location can save a business from itself - or from the lack of a plan.
When it comes to leasing a commercial space, a business plan be used to clarify key space requirements, demonstrate seriousness as a prospective tenant, and convince a landlord of a business's likelihood of success.
Promote Integrated Thinking
The process of creating a business plan promotes integrated thinking about the business model, objectives and resources (think: measure twice & cut once). That integrated thinking is also instrumental to clarify key business needs that will drive the unique space requirements for a specific business. Space requirements range from square footage, amenities & features, volume of foot traffic, display options, ceiling height, venting, and much much more.
Demonstrate Seriousness as a Prospective Tenant
In the hyper-competitive real estate market in Manhattan, a business plan can also help to demonstrate seriousness as a tenant during lease negotiations. Why is that important? A tenant that demonstrates the discipline to formalize a plan for their business is more likely to take the obligations of a commercial lease agreement seriously as well.
Convince Landlord of Success
Finally, a business plan can help a landlord to determine whether the business owner is prepared to operate a successful business. What insight can a landlord glean from a business plan? Answers to questions like: do you know your fully loaded costs to acquire a customer? Can you generate enough revenue at this location to cover all operating costs? Does your business rely on a specific neighborhood or building feature to drive revenue? How do you plan to generate revenue and pay expenses during initial month of operations? Are you funded and staffed to undertake necessary renovations and improvements? Do you have a strong team in place to guide you through key decisions?
Resources Around the Web
If you are ready to beef up your business plan, and don't know where to start, below are a few great resources on the web - and connections to organizations that exist to support small businesses in New York City.
- New York City Department of Small Business Services: http://www.nyc.gov/html/sbs/html/home/home.shtml
- New York City Department of Small Business Services: http://www.manhattancc.org
- Workshop in Business Opportunities: http://www.wibo.org
- SCORE: http://scoreny.org
- Entrepreneur Magazine: http://www.entrepreneur.com
One lesson learned early and repeated often: while the wrong location can destroy a fledgling business, no location can save a business from itself - or from the lack of a plan.
Is it time for you to take another look at your plans and requirements for space?
Friday, September 6, 2013
Checklist for Success: Organization
At it's fundamental, delivering results as a real estate professional hinges upon diligent follow-thru, managing deadlines, and excellent record-keeping. To wit, I have crafted several purpose built information management tools to help me specifically with these objectives. Each tool evolved specifically to prompt for and organize the key information relevant to typical real estate scenarios.
Of a good dozen or so tools, each tool generally falls into 1 of 3 basic categories: Worksheets, Checklists, or Trackers. Worksheets gather together different pieces of information about a single subject. Checklists ensure key details are not skipped. Trackers create a record of activities, inquiries, or contacts.
Of a good dozen or so tools, each tool generally falls into 1 of 3 basic categories: Worksheets, Checklists, or Trackers. Worksheets gather together different pieces of information about a single subject. Checklists ensure key details are not skipped. Trackers create a record of activities, inquiries, or contacts.
Here are a few examples of the worksheets, checklists & trackers:
(1) Worksheets
- Client Information Worksheet
- Property Information Sheet
- Property Comparison Worksheet
(2) Checklists
- Tenant Profile Checklist
- Proposal to Lease Checklist
- Top Ten Checklist
(3) Trackers
- Tours & Showings Tracker
- Contact & Inquiries Tracker
-Daily Call Log
- Client Information Worksheet
- Property Information Sheet
- Property Comparison Worksheet
(2) Checklists
- Tenant Profile Checklist
- Proposal to Lease Checklist
- Top Ten Checklist
(3) Trackers
- Tours & Showings Tracker
- Contact & Inquiries Tracker
-Daily Call Log
What are just some of the typical real estate scenarios that I can service more efficiently & effectively with these information management tools? For example, I can
- Match new availabilities to tenants seeking space
- Present offers to lease professionally and completely
- Compare space alternatives
- Reference inquiries and applicants for a vacant space
Over the coming weeks, I'm planning to examine each one of these tools in a bit further detail....
Friday, August 9, 2013
Boutique Commercial Space in Chelsea - ready for small business/retail tenant
Are you looking for the perfect location to start or expand your business?You want to consider this boutique space on West 20th Street. This boutique retail space is being ready for a new tenant in August 2013. Previous tenant retired after many many years.
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| CLICK HERE TO EMAIL ME FOR DETAILS..... | |
Monday, June 17, 2013
GREAT VALUES - BOUTIQUE SPACES WEEK OF JUNE 17 2013
| Looking for a Manhattan Commercial Space? A few of the GREAT Boutique Locations I Know... |
| LOCATION | APPROX. SIZE |
NEAREST AVENUE |
ASKING RENT |
SPACE NOTES |
| Chelsea | ||||
| West 20th Street | 375 SQ FT | Seventh Ave | $3995/month | |
| Seventh Avenue | 375 SQ FT | ON AVENUE | $5900/month | |
| Greenwich Village | ||||
| Fourth Avenue | 675 SQ FT | ON AVENUE | $5500/month | |
| Macdougal Street | 600 SQ FT | Sixth Ave | $6750/month | |
| West Village/Meat Packing | ||||
| Perry Street | 850 SQ FT | Washington St | $5500/month | LOWER LEVEL |
| West 12th Street | 850 SQ FT | Greenwich Ave | $4500/month | Key $$ |
| West 13th Street | 400 SQ FT | Ninth Ave | $3900/month | LOWER LEVEL |
| Gramercy Park/Kips Bay | ||||
| East 25th Street | 600 SQ FT | Third Ave | $4250/month | |
| East 27th Street | 500 SQ FT | Lexington Ave | $4750/month | |
| East Village | ||||
| East 10th Street | 375 SQ FT | First Ave | $3250/month | |
| Amsterdam Avenue | 550 SQ FT | ON AVENUE | $4500/month | |
Give Due Diligence Its Due
Are you planning to invest in development or income producing real estate?
You've found an appealing property to acquire. Perhaps you've made an offer and are starting to work with a real estate attorney to negotiate the contract. Before a contract is signed or during a contractual due diligence period, a savvy buyer will conduct thorough due diligence to verify the facts presented about the opportunity, calculate the value and identify the risks of the opportunity.
Some typical areas of focus during due diligence...
You've found an appealing property to acquire. Perhaps you've made an offer and are starting to work with a real estate attorney to negotiate the contract. Before a contract is signed or during a contractual due diligence period, a savvy buyer will conduct thorough due diligence to verify the facts presented about the opportunity, calculate the value and identify the risks of the opportunity.
Some typical areas of focus during due diligence...
Thursday, June 13, 2013
BOUTIQUE RETAIL SPACE AVAIALBLE IN CHELSEA - JULY 1
- ACCESSORIES, SPECIALTY or GIFT items
- JUICE BAR, VITAMINS & SUPPLEMENTS
- BARBER/STYLIST or SALON
- TAILOR/DRY CLEANER DROP-OFF, SHOE REPAIR
- WINE SHOP, CHOCOLATIER, BAKE SHOP
Wednesday, June 12, 2013
Do The Numbers Make Sense (Part 2)
Are you thinking about purchasing the condo or cooperative unit in which your business operates? Do you believe it would be a sound investment?
Then treat the purchase like an investor by calculate CAP for the property and comparing to similar opportunities. The CAP rate typical for the market will fluctuate over time, with interest rates, and differ by property class.
Then treat the purchase like an investor by calculate CAP for the property and comparing to similar opportunities. The CAP rate typical for the market will fluctuate over time, with interest rates, and differ by property class.
Sunday, June 9, 2013
Do the Numbers Make Sense?
Most investors want to know that 'the numbers make sense' for a purchase opportunity. Ratios like GRM, NOI, or CAP can rapidly identify properties that warrant deeper consideration or investigation. They describe the potential to earn money now and later from investment made today to acquire a given property. So what are these indicators? Let's look at the ratios in more detail...
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