SITE ANALYSIS SUPPORT
KEY POINTS IN SELECTING A GOOD SITE
Construction in NY can be a long, difficult and complex process.
Therefore, we offer support in the research and selection of a good site.
Most clients expanding to NY will have a street-level store so we must check the existing life lines of a space within an old building in Manhattan.
A space within a commercial or modern building may be required to use a union construction company which could demand a higher budget.
Office buildings often have their own construction regulations to follow.
Spaces within a station or a mall will be limited in addition to having a very difficult requirement and reviewing process.
STREET-LEVEL STORE
OFFICE・COMMERCIAL FACILITY
WITHIN STATION・MALL
Free rent period and escalation clause - annual rent increase - can be adjusted based on the economy and foreign exchange rate. It is very important to have a well balanced rent rate that can support the business in the upcoming ten years.
One of the first contracts to make is a lease agreement. An attorney is normally involved in this process of negotiation with the landlord's attorney. There are many negotiable matters such as the escalation and good-guy guarantee (GGC) clauses, key money, and free rent period.
Buildings in NYC are registered and managed at NYC DOB. If a client signs a lease for a space without proper use, it may take a long time and could cost an extra few hundred thousand dollars. We called a registered use, Certificate of Occupancy (CO), and the CO changes when we change the use from a clothing store to a restaurant.
Restaurants in NYC can normally occupy up to 74 people or less. If a space meets requirements such as a sprinkler system and means of egress, we can apply Place of Assembly (PA) to increase occupancy.
We should research an area of space before obtaining a liquor license. There are no license transfers or purchasing of its right. New tenants need to apply for their own liquor license. We assist in the preparation and attendance of community board meeting where the neighborhood discusses about the issuance of a liquor license.
There is only a 1% vacancy rate of commercial space in NYC where real estate fee increases annually. It is challenging to find a space that fulfills your requirement. We consult a potential site based on data maps per industry.
WE RECOMMEND HIRING A PROFESSIONAL EXPEDITOR PRIOR TO SITE RESEARCH.
The description above is just a simple summary.
There are much more important matters related to construction. Feel free to contact us for further details.
Preparation of Expanding to NYThe first step in expanding to NY is market research. We offer various business supports such as business plan, company, and bank account establishments.
Site Visit・Various FilingBased on data of expanding areas, we provide research about site development and construction. Upon signing a lease agreement, we aid the immigration and construction process prior to opening.
Start ConstructionWe provide total support for joining a tenant's insurance, planning, NYC filing process and construction.
Preparing OpeningIt is opening time. We support our client's move to a corporate residence, obtaining a Business License, and many other actions in preparation to open.
