Owning a Piece of the Apple: How Small Businesses Get Started in New York

New York Real Estate

New York City presents a lot of opportunities for small business owners, but it can be daunting to navigate through the world of commercial real estate. Although the city has vacancies just like anywhere else in the country, it also has a higher concentration of new businesses starting every day. Due to this, you will need to be patient and dedicated if you are going to find the perfect place within your price range.

Tips for Finding the Right Place

1) Use a Real Estate or Rental Agent – Whether you are looking for a commercial rental or purchase, it will be much easier to navigate through all of the current listings with the assistance of a professional agent. Not only will they be able to help you avoid looking at places that are not suitable for your new business, but they will also have the inside track on any new properties that become available.

2) Set Flexible Guidelines – In order to find the right place, you definitely need to have guidelines such as the price, general location and size. However, if you are not at least somewhat flexible with your guidelines, it might be impossible to find a location for your business. Therefore, you need to determine what the property absolutely must have and what you are willing to live without.

3) Be Prepared to Move Forward – Even though it is always a good idea to look at multiple options before you commit to something, it is also imperative in New York City to be willing to move quickly. For example, if you are looking for a rental property and you find one that fits all of your guidelines, it would be unwise to leave without filling out an application. In order to do this, you will need to have all of the necessary verification paperwork with you. Keep in mind that a rental application is not a contract, so you will not be locked into anything by simply filling one out.

4) Get Pre-Approved – If you are planning to buy a piece of real estate for your new business, you will want to obtain mortgage pre-approval. By doing this, you will not only know exactly how much money you can spend, but you will also look like a much more viable buyer to the individual or business that is selling the property. In fact, whether you ask a Brooklyn Realtor or a Manhattan real estate lawyer, you’ll hear that some people will not even accept a real estate offer unless a pre-approval letter is attached. Therefore, it is in your best interests to obtain that before you begin seriously looking at your options.

5) Hire a Real Estate Lawyer – There are two main reasons to work with a real estate lawyer in New York City: to review the contract before you sign it and to resolve any disputes that arise after the contract has been signed. By hiring a lawyer who specializes in real estate, you will be able to avoid a lot of the issues that have caused other businesses to fail before they even get a chance to greet their first customer.

Even though it can take a while to find the right place within the city limits, there are definitely prime real estate opportunities available for both buyers and renters. Therefore, you simply need to utilize the tips above and take the time to visit every property that matches up with your guidelines.

Ann Bailey, a business advice contributor, shares this list to help small business owners in their quest for commercial space in New York. The Manhattan real estate lawyer group at Canfield, Madden & Ruggerio LLP has thirty solid years of experience assisting clients in all aspects of business property purchases, leases and dispute resolutions.

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