New York Commercial Building or Space Lease
Overview of this form
The Commercial Building or Space Lease is a detailed contract designed for leasing commercial properties in New York. This form covers essential terms such as rental payments, lease duration, utilities, security deposits, and responsibilities regarding the condition of the premises. Unlike residential leases, this form is specifically tailored for businesses and commercial use, ensuring that both lessor and lessee understand their rights and obligations under New York law.
When to use this document
This form is used when a business needs to lease a commercial property, whether for office, retail, or industrial use. It is essential when parties want a clear agreement that protects their interests, defines rental terms, and establishes rules for maintenance and utilities. This lease is particularly useful when entering a formal arrangement with a new tenant or landlord in New York.
Who should use this form
- Business owners looking to lease commercial space.
- Landlords with commercial properties seeking to establish a formal lease agreement.
- Real estate professionals assisting clients in forming lease agreements.
- Any entity or individual needing a legally compliant rental framework for business purposes.
Completing this form step by step
- Identify the parties: Fill in the names and contact details of the lessor and lessee.
- Specify the property: Detail the exact location and description of the commercial property.
- Enter lease terms: Provide the start and end dates of the lease term.
- Outline rental amounts: State the monthly rent due, initial payment, and late fee terms.
- Detail utility responsibilities: Indicate which utilities will be paid by the lessee and any exceptions.
- Document security deposit: Enter the amount of the security deposit and its conditions for return.
Notarization requirements for this form
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to clearly define the leased premises, which can lead to disputes.
- Not specifying late fees and payment methods explicitly.
- Overlooking necessary signatures from both parties.
- Ignoring state-specific legal requirements that may apply to commercial leases.
- Failing to adequately detail the responsibilities for repairs and maintenance.
Benefits of using this form online
- Immediate access to legally compliant documents that can be customized.
- Easy download for convenient completion and storage.
- Guidance provided through a structured format, ensuring all sections are included.
- Cost-effective compared to hiring a lawyer for drafting standard agreements.
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FAQ
Manhattan retail rental rates vary from $100 per square foot all the way up to $1000. The higher end of that range is mainly reserved for ground floor space along the Gold Coast located from 50th Street up to 62nd Street, and from Madison to Fifth Avenue. Rents in this highly desirable area reflect its prestige.
According to research data, the average rent for a single square foot of traditional office space in NYC is between $75 and $84. That means you may only get about 811 square feet of space for $5,000 a month, which isn't enough for many growing and successful companies.
For office buildings that include retail space, the 2019 edition of Chain Store Age's annual survey of retail build-outs put the average cost at $56.53 per square foot.
As of Apr 12, 2021, the average annual pay for a Commercial Real Estate Broker in New York City is $85,559 an year. Just in case you need a simple salary calculator, that works out to be approximately $41.13 an hour. This is the equivalent of $1,645/week or $7,130/month.
On Fifth Avenue from 42nd to 49th streets, rents are up 5 percent from last fall but down 8 percent from the spring with a range of $1,000 to $1,500. The city's highest retail rents are on Fifth Avenue between 49th to 59th streets. They run from $2,700 to $4,450 per square foot with the average of $3,484.
Multiply the amount by the rentable square footage to determine your monthly cost. Divide that amount by your usable square footage to calculate your actual price per usable square foot. For example, if the rentable square footage is 1,130 and the price is $1 per square foot, your monthly lease amount is $1,130.
Retail space is highly sought after because of the foot traffic; it generally costs more per square foot than office space. Typically, there is an anchor store, like a grocery store, and then smaller stores next to it or maybe in a building adjacent.
According to research data, the average rent for a single square foot of traditional office space in NYC is between $75 and $84. That means you may only get about 811 square feet of space for $5,000 a month, which isn't enough for many growing and successful companies.
To calculate the value of a commercial property using the Gross Rent Multiplier approach to valuation, simply multiply the Gross Rent Multiplier (GRM) by the gross rents of the property. To calculate the Gross Rent Multiplier, divide the selling price or value of a property by the subject's property's gross rents.
