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If a tenant wants you to specify the number of its unit, store, or suite in the lease, then say in the lease that the tenant’s unit, store, or suite is “presently known as [insert Unit/Store/Suite] [insert number, e.g., 4B].” The phrase “presently known as” will give you the flexibility to change the number of the tenant’s unit, store, or suite during the lease term without having to get the tenant’s consent.
A waiter at a restaurant in a New York mall fatally stabbed the restaurant’s manager as she was closing the restaurant for the night. The manager’s estate sued the mall owners, claiming that they didn’t take adequate security measures, especially in light of a prior incident a year earlier in which a man fired a semi-automatic assault weapon in the mall’s common area, wounding two people.
Q: My restaurant tenant recently began offering onsite and offsite catering services. Can I require the tenant to include catering fees in its gross sales for the purpose of calculating percentage rent?
Commercial real estate experts expect the industry to improve in the second half of the year, according to a survey by the Urban Land Institute, which credited increasing corporate profits for the good news. The industry trade group and think tank surveyed developers, brokers, architects, and other real estate professionals who predicted increasing values for all types of commercial property.
Although you may have no problem providing a tenant improvement allowance (TIA) for hard costs (the costs of labor and construction materials associated with getting a new space ready to occupy) for a new tenant, are you willing to allow the tenant to use the TIA to cover soft costs (architectural, engineering, design, consulting, and filing fees), and furniture and equipment costs, too? Think twice before agreeing to cover soft costs, which can quickly exhaust TIA fund...
A New York City commercial real estate development plan that has been stalled for 47 years is in full swing after it won conditional approval from Manhattan’s Community District 3 Board (CB 3), allowing the redevelopment of nine city-owned sites on Manhattan’s Lower East Side. The Seward Park Mixed-Use Development Project would bring roughly 1.65 million square feet of housing, retail, and other commercial space to a site just south of the Williamsburg Bridge.
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