One of the most informative Real Estate Brokers for over 40 years now.
Landlords/Owners of Building must read this.
The slow demise of retail stores in Manhattan and all of Queens, New York. August 2, 2019
This has started at the beginning of 2018 and continues to get worse. The chronic Tax hikes on Commercial Retail, or Taxpayer Properties are going thru the roof. Therefore, the Landlords automatically pass down the raise in Taxes to the Retail Business owner.
Ergo, Vacancy rates are reaching new levels like never before. So now driving up and down most Avenues in various areas you see one Vacant store after another. While the Landlords loose rents, it becomes almost impossible to sell their properties while there is no rental income.
BEWARE-VERY IMPORTANT MESSAGE TO ALL LANDLORDS
Did you know that whether your tenant moved out, and still pays rent say for another 2 years because of their lease, or whether your tenants lease ended and they moved out, you as the owner, the Landlord of the Building must notify your insurance company immediately for one reason. That is you must now buy and pay for VACANCY INSURANCE. That’s right! If you don’t and a fire or explosion happens, you may not be covered or the insurance company may refuse to pay you the damages for not notifying them about the Vacancy.
I asked randomly over one dozen Landlords and not one knew what I was talking about. Confirm with your insurance companies before it may be to late.
JIM TURANO/BROKER-OWNER OF DIVERSE REAL ESTATE
73-12 METROPOLITAN AVENUE, MIDDLE VILLAGE, NY 11379
A special thank you for your informative contribution for all to read LEADER-OBSERVER