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Buying a Mixed-Use Building in New York City
According to Forbes.com, Manhattan is one of the 10 most expensive places in the world to call home, and CB Richard Ellis' 'Global Market Rents Survey' places New York 12th on its list of the most expensive office markets, despite the extremely discounted price of the dollar. Nevertheless, the dwindling dollar has contributed to the global craze to purchase a piece of Manhattan. In 2007, a typical client purchasing New York City mixed-used buildings had primary residences that included both international venues (Cairo, Egypt; Florence, Italy; Taipei, China) and national venues (Winston Salem, NC; Norfolk, VA; and both Van Nuys and San Francisco, CA).
Searching for a good deal in New York City, these buyers experience shock and dismay at the incredibly burdensome governmental regulations and owners' income limitations that come into play as soon as they consider a mixed-use building that encompasses both residential and commercial units instead of a purely commercial edifice. The failure of some buyers to understand New York City's unique and complicated tenant-friendly governing system has resulted in severe economic losses from negative income-producing properties.
While, of course, there are many buildings in New York City that are exclusively income-producing commercial properties, thousands of properties in New York City are mixed-use buildings, most typically those with retail space on street level and residential space above. Those clients coming to New York from other parts of the globe all too readily assume that the residential tenants' legal rights will be as limited as those of the commercial tenants. This assumption can rapidly translate into financial disaster.
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