From Empty Storefront to Steady Income
Description
When a co-op or condo loses a commercial tenant, a cash crunch often follows. Finding a new tenant is just the beginning — the real challenge is structuring a lease that protects the building’s finances and residents. Mark Axinn, partner at Phillips Nizer, explains how to think like a professional landlord while recognizing your unique constraints. Key elements are managing rent concessions, handling broker commissions, and funding upfront renovation costs when building reserves are low. Habitat’s Carol Ott conducts the interview.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!
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