F.A.Qs
Here are some of the most common questions that come up about Manhattan commercial real estate and office properties. As a dedicated tenant representative, Erik Nissani of Willow Stone Realty is available to answer any and all questions about the process from start to finish. If your questions are not answered below, please feel free to contact us anytime!
General
What are escalations?
An escalation is an increase in base rent, property taxes, fuel or other costs, that may be passed through to the tenant during the course of the tenants lease.
What is a landlord representative?
A landlord representative is a real estate agent, hired specifically to represent a landlord's interests in a real estate transaction.
What is a real estate broker?
A real estate broker is an agent who is legally authorized to open and run his/her real estate agency. All real estate offices have at least one principal broker.
What is a tenant representative?
A tenant representative is a real estate agent, hired specifically to represent a tenants interests in a real estate transaction.
What is rentable square footage?
Rentable square footage is the amount of square footage used in calculating a lease payment. This measurement takes into account a proportionate share of common areas shared by the tenant such as hallways, lobby, stairwells, etc. In New York commercial real estate, loss factors for a full floor may average about 25% to 30% while space on a multitenant floor may run from 30% to 35% or even slightly higher.
Why should I hire a real estate agent?
A real estate agent is more than just a salesperson. A real estate agent may act on your behalf as a tenant representative, providing you with advice and guidance regarding your real estate transaction. Due to the constant changing of the market, the information available on listings is not always 100% accurate. A real estate broker or agent can provide you with the most current market information.
