Commercial Leasing Checklist in New York City Manhattan Part I

 At Shenwick & Associates, we have represented more than 300 tenants in commercial leasing transactions, including office tenants, restaurants & retain stores. Provided below is Part I of our Leasing Checklist.  Any clients having questions about commercial leases should contact Jim Shenwick, Esq.   [email protected]  917 363 3391  Please click the link to schedule a telephone call with Jim Shenwickhttps://calendly.com/james-shenwick/15min
Lease Checklist:  1.                  Free rent?   How much? Tenant should receive 12 months rent at first year rate before rent increases in second year.  2.                  Are the premises in a land-marked building? (alterations are more difficult)  3.                  Request a  copy of the most recent tax bill and Tenant should only pay its pro rata share of taxes 4.                  Is the electricity direct meter, sub-meter or rent inclusion? 5.                  Assignment and sub-let provisions should automatically be allowed: (a) Tenant’s sale of its business, (b) merger of its business, (c) Tenant goes public, (d) assignment of  its lease to a related entity or division  6.                  Non-structural alterations should be allowed as a matter of right to Tenant  7.                  Interest on security deposit should go to Tenant without request or notice once per year and security deposit should be returned to Tenant 30 days after lease ends  8.                  Landlord should expressly consent to Tenant's particular use and assist Tenant in getting a liquor license (for a bar or restaurant)  9.                  If the premises have a sprinkler installation, who pays for monitoring, and maintenance?  10.              What is the electricity capacity of the premises wiring? Landlord should make a representation in the lease to the electrical capacity and the capacity should be sufficient for Tenant's business (important for a manufacturing or service business).Check our Blog for Part II of our Leasing ChecklistJim Shenwick, Esq