Commercial Condos in New York*
Commercial condos in New York represent a growing investment opportunity for small, medium and large business owners looking to diversify their portfolios. Taking ownership of a property allows for more control over rent, upkeep and diversification of the space to maximize profit potential. There is a great tax benefit to ownership of a commercial condo as well. Consider it today as a proven and effective way to stimulate cash flow and generate productive assets. Many banks are more likely to offer loans for condo conversions due to their history of generating stable cash flow.
Most of the costs involved in converting, building and/or setting up a commercial condo are legal and professional in nature. The process is relatively simple, however, it is advisable to employ the services of a professional real estate broker to ease through red tape. Brokers are knowledgeable regarding zoning requirements and classification of specific building types. An engineering firm will also be necessary to map out the design plan of the property. The firm will classify such things as parking, outdoor areas, walkways, etc…). This mapping process will add value to the property. A legal representative will then have to establish HOA statutes for how the property will be set up, run and what common rules of conduct will be with regard to ownership rights. These HOA statute documents and the mapping policy will then be submitted to the county assessor’s office. Assessors are generally happy to comply because of the tax generation potential of condos. The process usually takes anywhere from four to eight months and units can be advertised while the application is still in process.All in all this type of investment provides stable and predictable revenue streams for owners and developers. They are also relatively easy to sell to new owners. Consider this option today for generating new and exciting sources of income.
*This product is not regulated by the New York State Department of Financial Services