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Old 08-23-2017, 05:04 PM
 
9,950 posts, read 8,438,330 times
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You beat me to it. This is nonsense, no appraiser is going to up the appraisal for a building based on an asking rent for an empty store. Every bank is going to look at the real income from a property.

Commercial/retail leases are long, five years or more with prepriced options to renew. So once you rent, you're stuck with that rent for a long time, so it might pay to hold out a while to get the rent up. Also, the value of the property is based on net income, which is a function of the rent. So if you take a lower rent, down the line, when you want to sell, your sale price will be higher if you hold out for a higher rent. And, of course LL get visions of grandeur for their storefront based on what other LL have gotten, in likely better locations. In the mean time, local retail is hurting due tot he explosion of on-line sales.

At some point, something will have to give, because the LL can only sit without cash flow for so long.

Quote:
Originally Posted by BlakeJones View Post
lol who is this moron - What bank is handing out mortgages based on rent increases?

this clown is probably the 205th s˘hmuck in line trying to become the next mayor debozo
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Old 08-23-2017, 05:08 PM
 
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To be honest, for YEARS that location was entombed in the 2nd Avenue Subway construction. Also, I think the building ownership was in flux and lawsuits were flying. Getting a deal done for those reasons and more would probably have been very difficult.

Quote:
Originally Posted by Kefir King View Post
I agree with Blake here.
One cannot tell the IRS that he has an income generating asset that he chooses not to use, and then claim a loss.


I just took a good hard look at the former Food Emporium site on 86th and Second that has been empty at least 6 years. The space is immense and the building must be forgoing $50-$100 G's a month by leaving it empty for a half decade. (Is that large building a rental, condo or co-op?)


My co-op gets $38 G's a month from the relatively small Key Food on the ground floor. THat helps a lot with expenses.
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Old 08-23-2017, 05:10 PM
 
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Building out the space is usually the tenant's responsibility.

Quote:
Originally Posted by Nugget View Post
One more thing is that sometimes it will cost the landlord a significant sum to bring the space up to code for another use. For instance, my co-op has a space which a couple of food places were interested in but the cost of bring up the property to code was prohibitive for both the co-op and the prospective tenants.
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Old 08-23-2017, 05:16 PM
 
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That article shows how idiotic a lot of the locals are down there. There are a lot of empty stores, and they want to put restrictions on who can rent them, and how big they can be?

Quote:
Originally Posted by BlakeJones View Post
In a Thriving City, SoHo’s Soaring Rents Keep Storefronts Empty
https://www.nytimes.com/2017/08/23/n...orefronts.html
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Old 08-23-2017, 10:35 PM
 
8,376 posts, read 7,362,552 times
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Quote:
Originally Posted by BBMW View Post
Building out the space is usually the tenant's responsibility.
If the building is not up to code, and will have considerable cost to bring it up to code, no tenant is going to rent/lease the property for one reason. They can find another property that is up to code that will meet their needs as well as the out of code property.
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