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next move -- other markets...seems logical at least
Good for SE, they deserve a good move. It appears to be a good workplace.
But wouldn't it have been much better for them to buy? They're just giving all their money to the landlord.
"But wouldn't it have been much better for them to buy? They're just giving all their money to the landlord."
Alan the same thing went through my mind considering mid 40's per month. They also had to wait a year or so for tenant to vacate, in that time they might have found some structure or large loft for sale in that area? Just sayin'.
It's mid-40's per year, not per month.
I see the bike rack in the renderings, but I didn't see the kitchen with the doughnuts, or the bar with the whiskey.
Separately, I saw that they have 20 to 25 million page views per month. So, as West34 said when agreeing with me, you're welcome streeteasy. http://streeteasy.com/nyc/talk/discussion/32004-something-we-can-agree-on
4 days ago
Member since: Mar 2009
ignore this person
At the risk of agreeing with the biggest troll (doody?) on the board, hburg is right...user-generated forum content (especially if it's candid and accurate) has HUGE intrinsic value and is typically a significant traffic generator.
So you're welcome SE.
congrats SE team. looks like it will be a great place to work.
"It's mid-40's per year, not per month."
Clearlly I'm not a commercial lease junkie. I didn't know how much space there was. Mid 40's per year; then by all means rent.
To add / clear confusion, I meant mid-40's ppsf per year would be a typical way to quote rent. But mid $40K rent per month could also be plausible, albeit somewhat high based on my limited knowledge.
>based on my limited knowledge.
Don't sell yourself short.
Don't be heightist.
Sorry. Friend or relative?
if it is $40k per year for 7,500 sq ft it is the best deal in all of nyc...doesn't make sense
it should be about $40k per month as it is about 7,500 sq ft or $5.33 per sq ft, which is within normal range in the area
as far as buying vs renting commercial property it is not uncommon to rent if your business is doing well. you are trying to maximize wealth. why borrow money to earn a 4-8% return on your capital, when u can rent, save cash monthly and use it to invest in your business that should earn significantly upwards of 20%.
that same place may cost them close to $8 million and commercial deals require a lot more cash and significantly decreased flexibility, both horrible things for a start-up or most privately owned businesses. if the revenue justifies the deal, it makes sense.
The story says they're paying "mid-40s" per ft² per year. If that's $45, then $28,125 per month for their 7500 ft².
Also, commercial leases can be structured in all sorts of ways. Who pays for the renovation? Who owns the improvements? Is the lease assignable? Can there be subleasing of part of the space? What kind of escalation clauses are involved? Lease extension options? Who pays for heat, or how is the bill divided amongst tenants? What are the tenant's obligations to chip in for capital improvements to the building? Who sucks it up if taxes go up? Labor costs? Trash collection? Blah blah blah.
the link doesn't mention anything about sq ft, just says mid-40s
"StreetEasy hired Christoff:Finio Architecture to design the new 7,500-square-foot space"
Oh, I see what you're saying ... that it doesn't say anything about PRICE PER square foot. But that's how commercial leases are almost always announced to the public, in press releases, etc.
Would be easier just to express in shares of Sprint.
Congratulations, Streeteasy! (nice looking pad.)
Hb you so smaaart
"The story says they're paying "mid-40s" per ft² per year. If that's $45, then $28,125 per month for their 7500 ft²."
Thanks NWT, that makes sense. An awareness of commercial leasing always been on my list of things to do along with organizing closet space. Neither of which will come to fruition I am sure.
>An awareness of commercial leasing always been on my list of things to do along with organizing closet space.
I would suggest working on being [more] funny before dealing with your closet issues.
Congratulations, StreetEasy! We've ALL known how terrific you are & it sounds like a great place to work. Good on you!