I am seeking a long term commercial lease in NYC, but it appears that no landlord will grant more than 5 years

Question

The nature of my business requires that I establish myself in the community for the long run. I would settle for 10 years. I would accept a 5 year lease with a 5 year option. One landlord made a verbal promise to me that he will renegotiate a lease renewal after two years upon signing a 5 year lease with no option - however, verbal promises mean zilch. How do I go about this? I really like this space and would like to work something out.

Answer 1

what happens if your business fails in one year? you still have to pay the lease - you can't establish yourself in the future. Just take the lease and worry about it in 4+ years - chances are if you are a good tenant, the landlord will be glad to keep you there

Answer 2

After paying on-time for 1 year, you will be able to get your 10 year lease.  I get tons of promises and long-term plans from tenants but many of them are dreamers.  They talked about 10 years but were gone in 10 months.  Unless you can convince everyone that you are "for real" you will continue getting 5 year offers.  What would you pay in advance for the longer lease.  That might work. /

Answer 3

Re-think your business plan. Do you "settle for" regular increases to market rate?