Small businesses and nonprofits are taking advantage of sparse competition, and on average, a 30% discount on property prices of two years ago. No longer faced with exorbitant price tags and competing bids of monied developers, New York City’s real estate market is ripe with investment opportunities for those seeking to use the property as their place of business.
The advantages of protecting against rising rents, building equity and potential tax benefits afford small businesses, professional service firms and nonprofit organizations an opportunity, if not of a lifetime, a 20- year real estate cycle.
Additionally, though credit continues to be difficult to come by, the SBA’s 504 program provides long-term, fixed rate financing of up to 90%. Read Gary Westfal’s Expert Insight for additional details.
So if any business, professional or nonprofit executive ever contemplated owning their own space in NYC, today’s good news is that it is an attainable goal.
[Data Source: Crain's NY Business, November 22, 2009]
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