Commercial Buying Guide
Choose the Right Real Estate Attorney
Be sure to consult with a knowledgeable real estate attorney for legal advice. Make sure the attorney has extensive knowledge of the local commercial real estate market. The real estate business in New York City is more complex and competitive than anywhere else in the United States. The right real estate attorney will be familiar with the economic factors that impact commercial properties, as well as the rules for the city’s zoning, real estate taxes, exemption programs, title issues, and more.
Determine Timing & Options Available
Take into consideration the current market conditions, the opportunities available, the type of building, and the location. Generally speaking, if there is more inventory, you’ll have more time to go through the process. Consider the amount of time you have available to dedicate to the process. You may want to move quickly and efficiently so you don’t take too much time away from your other business responsibilities. Also, factor in what your business can afford and the future resale value of the property.
Locate the Right Bank
Find a bank that offers the best terms for your specific needs. A mortgage broker will provide several bids from different lenders, which will include rates, offers, and terms. You may want to contact several mortgage bankers and lenders, especially those you already have a good business relationship with. Platinum Properties has relationships with many mortgage lenders and can provide you with some contacts.
Find a Knowledgeable Real Estate Agent
Platinum Properties agents are knowledgeable about commercial properties and the investing process in the New York City real estate market. We launched our commercial division in early 2011 and we can help you find the right property and location for your business needs. Our agents know the nuances of each neighborhood and we can refer you to the right team of professionals and service providers throughout the process.