Financial Factors to Consider When Entering into a Commercial Lease — 2-Hours of FREE NYS CE Credit - Shared screen with speaker view
Good morning! Here’s today’s Financial Factors to Consider When Entering into a Commercial Lease course outline: https://bit.ly/2BekDFb
Good Morning Larry !
L Steve Lorenzo
Should terms of the good guy be addressed in the term sheet>?
Paul!..and record number of marathons run!
Some participants need to be muted. There is noise.
Didn’t I offer to spread out the free rent :-)
Larry, can you please opine a bit on requests/demands for full fee for retail deals? (as much as we all would love to earn them)
if broker is willing to have commish spread out over 2-3 yrs for 10 yr deal, shouldn’t u put that on LOI?
I call that what it is - a kickback!
Brokers shouldn’t do it!!!
have you ever seen a case where LL does modified gross lease for retail condo and LL separates rent from taxes for commission Calc?
need to spread out commission for small landlords especially in times like this
Heading into the post COVID market… I’m going to demand in my brokerage agreements that the landlord have a smile on their face when they cut us the check!
On Zoom calls now we find out who are the REAL Blondes
VIDEO: The How & Why Brokers Can Make a Difference in all Phases of a Lease Negotiation - https://leasingreality.com/the-how-why-brokers-can-make-a-difference-in-all-phases-of-a-lease-negotiation-2/
retail/hospitality: have you been seeing more percentage deals. If so, how are the broker fee's being calculated and/or structured?
Thank you Ryan
Mitch. Percentage deals are warranted if landlord controls the environment such as Hudson Yards. It is NOT warranted on a storefront deal
Worst on commissions, late Frank Ring
can you speak to ethical issue of requesting a full fee (for retail deal) from LL with or without tenant (customer) being informed
Relief of Liability is Commissionable
Frank Ring! A case study in insanity!
Larry in tough markets like this, it is wise to have the tenant guarantee the brokerage fee.
I suppose it amounts to 1.5% of a fee
Brokers: We don't get paid for MOST of what we do!
Don, good points
L Steve Lorenzo
Part of good due diligence for your tenant is looking to see if there are any ICAP or like tax abatements expiring during the term of the lease. How have you addressed this if found ?
Crazy, but maybe brokers need their own representation in the deal by hiring their own lawyer
When Harry Helmsley had the Empire State Building the "Pro Rata Shares" added up to 113%
Measure the Square Footage. There are different RULES under BOMA and AIA in measuring the Upper floors as opposed for measuring the retail space. There is no "Loss Factor" in retail.
is there a way to get RPIEs?
Should Retail be subject to 32B escalations? Retail doesn't use the elevators. Retailers do their own cleaning
And retilers pau their owne electric & HVAC costs
remember porter’s wage with/without fringe?
keep on truckin
agree with Bill! :)
can you do that again please
but not if meter needs replacement after initial installation
$300k on 15 year lease, rent is $5.6M aggregate vs $5.2 M if you don’t compound annually. I think that was it.
you can often find rpie summary on prop shack
Tenants believe the GGG is a right to terminate. We like to say its an anti-squat clause.
Lisa Ann Pollakowski
security - if security was to burn down say frm 6 month to 3 in yr 3 but LL doesn’t return excess, does LL have access to that additional 3 months in event of default or is LL limited to the 3 months?
NYC as Eliminated ANY fees for Sidewalk Cafes
do you expect to see litigation re: this new legislation?
…from REBNY etc?
L Steve Lorenzo
Often attorney's exclude brokers from even comments on a lease negotiation. If an details in LOI is circumvented by those attorneys , and tenant is unaware of those - do they have recourse by referencing the LOI after a lease is signed? I have often seen deal points in the LOI either ignored or changed - so I insist on the first and execution draft to review at a minimum.
this is similar to the restriction for landlords offering buy-outs to rent controlled residential tenants…can be construed as harassment
L Steve Lorenzo
Ive seen some landlords sending default letters to their tenants saying they can cancel the lease if rent not immediately paid during COVID
probably going to start now
Send the link for charity donation, pls
Thanks for joining us today - if you asked a question and it wasn’t answered, feel free to reach out to Larry at 9173629413 or firstname.lastname@example.org. Stay safe and enjoy the weekend!Note that we will submit the “student list” to the DOS as soon as possible. Thereafter, we will generate certificates for those that provided broker license credentials during the registration process - an email will follow when the certificates have been uploaded to Leasing REality with access details. For those that attended last week’s session, the password will be the same. If you have any questions don’t hesitate to reach out!
Larry - love that you’re doing the charity. Count me in for the $500.
Thank you Larry….you are the best!
Thank you so much Larry! This was great!
THANKS LARRY! So helpful!
Thank you Larry!!!
thank you larry and ryan