The commercial property landscape in New York will soon become livelier. After all, a live theater studio recently signed a lease that is set to last 15 years off of Broadway. This is one of the most dramatic real estate transactions involving leases to occur recently in the Big Apple.
Jeff Whiting, a well-known choreographer and director, decided to lead the venture with the theater community’s backing. The deal will result in the biggest studio facility in the Big Apple for auditions and rehearsals, as well as support offices for large-scale Broadway productions. The lease is for more than 51,000 square feet occupying the Broadway building’s 11th and 12th floors.
The asking rent for the space to be leased is around the mid-$50 range for each square foot. This space is slated to include two studios spanning 4,000 square feet and ceilings that are 24 feet high. In addition, extra studios of various sizes will be available. The facility should open in Jan. 2019, with construction beginning in July.
Commercial real estate transactions involving leases in New York can understandably be exciting for both sides involved. For instance, those leasing properties can enjoy spaces in which to operate their businesses with the goal of achieving financial success. Meanwhile, those offering leases can generate consistent revenue for potentially long periods of time. Of course, completing a lease transaction can be tricky for those who have never been through the process before. An attorney can provide the guidance needed to navigate the leasing process in the most personally favorable manner possible in the Empire State.