Dear Friends,
Busy, busy, busy, and one of the tightest industrial markets that I have seen in my 47 years in the industry continues unabated. It is common today to see multiple offers on the same property, particularly those for sale. So, congratulations to Bob Hirschfeld in our office for snagging a 24,500 square foot warehouse for Aboff’s Paint and Wallcovering at 59 Gilpin Avenue in Hauppauge. The building will be used as a new distribution center, serving over 32 stores on Long Island and New York City. We represented Aboff’s exclusively in the acquisition.
Has Scouting touched your life in some way, great or small? Suffolk County Council has established an overall alumni group for the Council, as well as subgroups for Baiting Hollow Scout Camp alumni (both attendees and staff) and the National Eagle Scout Association (NESA.) We are inviting all those positively impacted by the BSA – former Scouts, family members of Scouts (past and present), volunteers (past and present), community leaders, and all who benefit from Scouting in their communities here in Suffolk County every day. Adults of all “ages and stages” are invited to reconnect with us! Go to www.sccbsa.org/alumni. The cost to register is nothing!
This month’s article is about lease options, primarily from a tenant point of view. For a tenant, the best strategy is to negotiate as many options as possible. Since an option is almost a future event, and no one has an accurate crystal ball, a tenant is always better off taking what seems to be a worthless option rather than no option. Much more about real estate option strategy in the article.
Stay safe, my friends.
"Oh, the possibilities!"
David G. Hunt
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Suffolk County Council, Boy Scouts of America - Alumni |
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Lease Options
by David G. Hunt
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Q: Our company is negotiating a long-term lease for a new manufacturing facility. How important is an option to renew or purchase?
A: The definition of an option is a provision in an agreement that gives one party the right, but not the obligation, to exercise a right of some kind. This is important to keep in mind when negotiating tenant options in a lease. A tenant option gives the tenant the right, but not the obligation, to renew, to purchase, to ...
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Property Highlights
10,000 - 20,000 Square Feet
FOR LEASE
245 Newtown Road, Plainview, NY
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Two 10,000 square foot spaces can be combined for a total of 20,000 square feet. |
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Pursuit Emergency Vehicles has leased space at 50 Roebling Ct, Ronkonkoma.
Visiontron Corp has purchased 925 Waverly Ave. Holtsville.
The First National Bank of LI has leased space at 275 Broadhollow Rd, Melville.
Aboff's Paint & Wallcovering has leased 59 Gilpin Ave, Hauppauge.
Storm Baseball Academy has leased 2-7 Terminal Rd, W. Hempstead.
Arra of NY has leased space at 100 Pine Aire Drive, Bayshore.
Towerpoint has purchased 996 West Jericho Tpke, Smithtown.
Columbia Care has purchased 5784 Sound Ave. Riverhead.
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Comparable Sales in the Past 12 Months |
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75 Broadhollow Rd
Farmingdale
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700 Furrows Rd
Holtsville
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Commercial Real Estate
An Award-Winning Professional Practice
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