Store Leasing FAQs
Q1: How do I apply to rent a store space from NYCHA?
A: An application package is available on the Application Package page. The package includes all required financial and related information. It is very important that all items in the application package be completed thoroughly.
Q2: How long does it take to get a lease?
A: It takes 4 to 6 months. Completing the application package in a timely fashion reduces the amount of time.
Q3: What are the typical terms of a NYCHA store lease?
A: Generally 5 years with 3% annual rent increases. Depending on specific circumstances, longer lease terms may be considered.
Q4: What is the rent? Are there additional charges?
A: The rent is based on the fair market value of the space. Presently, the rent increases 3% a year, and there are no real estate tax escalations. With the exception of utilities (where applicable), there are no additional charges. Utilities are paid for by the tenant. Tenants are required to install their own utility meters if none currently exist.
Q5: How does NYCHA choose a store tenant?
A: All the elements of the application package are
reviewed. Applicants have to be able to demonstrate the ability and resources
necessary to establish and maintain a viable business, inclusive of start up
expenses and the applicants relevant experience. NYCHA also restricts certain uses and business operating hours, and will generally not allow similar/competing uses in a given area.
Q6: Will NYCHA work with a broker?
A: Yes, NYCHA will work with licensed real estate brokers. For Guidelines for Commercial Brokers click here.
Q7: Will I have to pay to build out my store space?
A: Yes. Stores are delivered "as is." Tenants are required to submit their architect’s drawings to NYCHA for approval. NYCHA may offer rent concessions for tenants making substantial investments in the property.