The process of selling a business property is not always straightforward. Unfortunately, common selling mistakes may make it impossible for a seller to unload his or her commercial real estate property. Here are a couple of mistakes to avoid when selling a piece of property in New York.
The fluctuations that have taken place in cryptocurrency have understandably made some investors and real estate professionals nervous. However, many real estate brokers in New York and elsewhere have reason to think that cryptocurrencies will drastically change the commercial real estate market. In fact, the changes could come as soon as five to 10 years from now.
New York University recently completed a commercial property deal for extra space at a popular Downtown Brooklyn center. The commercial real estate transaction involves a space that spans 26,000 square feet. As a result of the deal, the university will end up occupying the majority of the building's 22nd floor.
For investors in New York who are interested in owning properties, there's good news. Banks recently eased their standards for loans for commercial real estate. This is the first time they have done this in nearly three years.
IBM is expected to soon triple its presence in Union Square in New York. This is because the tech company recently signed a lease for a commercial real estate building's three floors. The area it will lease spans nearly 27,700 square feet.
Only about a quarter of office space throughout the United States, including New York, is used for flexible workspace options, such as co-working. However, research shows that more than a quarter of brand-new commercial real estate leases signed during the past couple of years were associated with this growing business area. This has left many real estate brokers questioning why more investors are not taking advantage of this in-demand area.
If you own a business, you know that storefront space or just space to run the operations of your company can be hard to come by in New York City. Real estate is expensive, and you know that you need to protect your interests in every way possible when agreeing to a lease to avoid costly issues in the future.
The owner of an office tower in New York -- specifically, Manhattan -- recently sold the property for a minimum of $300 million. Apparently, the company that sold the tower is based outside of the United States and is laden with debt. The conglomerate has been on the search for commercial real estate buyers globally.
The brand-new tax law may draw more investors with high net worth in 2018. As a result, the commercial real estate market may begin to boom more than it has in a long time in New York and in other parts of the country. Real estate investing may become hotter this year for a couple of major reasons.
Several real estate projects were recently proposed in New York, ranging from residential buildings to commercial retail spaces. One of the commercial real estate projects is a new Essex Crossing building to be built in Manhattan. Another planned project is an apartment building that will be erected in Coney Island.