The acknowledgment of the existence of the relationship of landlord and tenant, often required by a creditor or potential buyer of property from the landlord
A financial statement summarizing the financial balances of a business, listing assets, liabilities, and ownership equity as of a specific date, such as the end of the financial year
The actual square footage of a space dedicated to functions other than mechanical rooms, bathrooms, freight or other non-office functions, ie. Where one can lay down carpeting
A document issued by the Department of Buildings certifying a building’s compliance with codes, indicating it to be suitable for occupancy by a specific type of user
An escalation method measured in relation to the change in the price of the consumer price index (the price of a fixed market basket of goods and services)
Direct: An electric billing method in which the tenant contracts directly with the provider
Rent Inclusion: An electric billing method in which the electricity is a fixed amount per square foot
Submetered: An electric billing method in which the landlord contracts with the provider and a meter is installed to measure electrical usage from the premises, where the tenant is responsible for its usage plus an added adminstrative charge
A written agreement between a broker and owner in which the owner agrees to pay a fee (commission) to the broker if the property is leased during the listing period
Typically a limited personal guaranty enabling the landlord to sue the guarantor for damages if and only if the entity on the lease stops paying rent AND has not vacated the premises
A contract creating a relationship between a landlord and tenant typically granting rights to possession or use of a specified property in return for a periodic payment of rent
A commitment made by a lender that the issuer will honor demans for payment in accordance with the conditions specified in the letter of credit; often used in place of cash in a security deposit
The total floor area of a building or space measuring to the outer surface of exterior walls, after deducting vertical penetrations such as elecator shafts
A lease agreement in which a tenant pays rent as well as certain costs associated with property operation, ex. Taxes, insurance, repairs, and maintenance
The Real Estate Board of New York; a Landlord-sponsored trade association that maintains a widely used lease form template and standard practices for measurement of office space
A lease clause giving a tenant the opportunity to lease additional (usually contiguous) space that will come available in a property at agreed-upon terms
The point in construction at which a tenant can make use of a space; often serves as a point at which the Landlord has fulfilled its obligation to turn the space over in an agreed-upon condition
The amount of funding given by a Landlord to a Tenant to reimburse the Tenant’s building costs; often entails a requisition process for Tenant to submit invoices and backup to qualify for reimbursement
A measurement in accordance with guidelines determined by REBNY of the square footage of a space, calculated by taking the area of a space measured to the outside edge of the building’s exterior, minus any vertical penetrations
