Broker Fee For Commercial Property In Queens
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A commercial real estate broker is the expert intermediary between landlords and tenants. While they're always working to get the best outcomes for their clients, the roles and priorities of brokers change depending on which side of the transaction they're on.
NBC New York's Rana Novini reports. Mandatory broker fees, an unusual feature of New York City apartment hunting reviled by renters, is now banned under the FARE Act passed by the City Council last month.
Broker fees are upfront, one-time payments that are typically one month's rent or up to 15 percent of the annual rent.
New York City In the Big Apple, commercial lease commission rates are usually between 5% and 6% of the total lease value. The high demand for commercial properties in prime locations like Manhattan contributes to these elevated rates.
