A New York commercial lease agreement allows the renting of retail, industrial, or office space between a property manager/owner and an individual or entity. This type of arrangement is usually three (3) to five (5) years long, with the tenant typically having the option to renew for more years at a predetermined rental rate. If the landlord is accepting a new business, they should require a rental application and a personal guarantee from the lessee to make ensure they are covered in the case of the proprietor being unable to pay in the future. The landlord usually has money invested for the tenant to fit up the space into a “vanilla shell” for move-in.
There are three (3) ways to structure a commercial lease;
Business Entity Database Search – This search portal enables any landlord to research prospective business tenants prior to drafting a lease agreement.
