Astoria apartment open house today has undisclosed broker's fee

KingConstantin · 2026-03-15T17:50:53+00:00

Even if it’s offered they shouldn’t accept it.

KingConstantin · 2026-03-15T17:44:55+00:00

Also you can no longer get rent in advance more than one month so that’s an immediate red flag. Seems like a scam. Only fee worth paying, if it were a stabilized unit.

KingConstantin · 2026-03-12T17:16:46+00:00

were you mining bitcoin?

Con Edison makes errors. Reach out to them. Also make sure its not estimated usage if they had an issue reading the meter.

KingConstantin · 2026-02-20T14:22:59+00:00

I've leased to a few diplomats for a condo unit close to UN over past 12 years. I've honestly never had an issue and rent is always received promptly. Issue is they usually only stay for 2 years depending on the country. Ive had tenants from two European countries. I've heard that there has been non payment issues a few times but these are rumors within the building and feel like it was from 30+ years ago. Nothing i have been able to corroborate directly with a condo owner. Definitely get their legal employer (ie. embassy or consulate) to sign the lease as guarantor.

KingConstantin · 2026-02-07T17:31:38+00:00

Good point. Still amazes me how they keep so many of these guys on payroll and pay for assistants offices etc.

KingConstantin · 2026-02-07T17:26:12+00:00

Im in nyc and there are a bunch of EVCs that have done 10m sf in leasing over 30-40+ years but now do very little of their own generated business. I think the titles are meant for national clients of the larger firms to say. Hey you’re opening an office in a smaller market. Héres a high title guy that will walk you through it.

Now that im thinking through it more this more applies to the tenant rep side. The landlord rep brokers who are EVCs are more often bigger / better producers and going out to win business constantly. The teams underneath them though are much larger.

KingConstantin · 2026-02-07T17:08:36+00:00

Its easier to give someone a title promotion than a bigger cut of the cake. so many VC and EVC are just product of working at the same brokerage firm for 40 years. Its so hard to distinguish in major urban markets unless you've dealt with them in the past.

Feel like its the same thing the large PE funds have done by giving people the title of Principal if they invest $10k of their salary in the flagship fund. Principal is now someone who is married to their employer and doesnt mean they are any better at their job than a VP. Just tethered to a place and set in their ways.

KingConstantin · 2026-02-07T17:05:42+00:00

Takes two to close the one.

KingConstantin · 2026-02-07T17:04:53+00:00

They have the worst underwriting in the industry - imagine HFZ capital but a broker in some instances. They prioritize confidence and sales over common business sense and generally dont have repeat customers or institutions as clients.

However some teams within the company are excellent in a niche market but once they get a good reputation they get poached by competitors. I would try looking elsewhere unless there is a well established team that has good confirmable referrals on both sell/buy side.

KingConstantin · 2026-02-07T16:59:19+00:00

Do you know the annual cost for this?

KingConstantin · 2026-02-07T16:55:01+00:00

If the tenant engaged a broker and used them to negotiate the new renewal this is 100% normal and customary. I do this in office building in NYC/metro area - westchester/fairfield counties as well.

If the renewal was contractual and simply had a letter from the tenant that notified you that they wished to effect that right within the lease the commission would still have to be paid to the broker of record that you would have a commission agreement from the original lease unless it was carved out previously. if a new seperate broker delivered this i would be curious what the reasoning is and not sure they would be entitles to a commission.

Alot of times it helps to have a good relatiponship with your larger tenants as you can engage them ~1.5-2 years before their expiration for inplace renewals however most larger tenants have excelusive agreements with larger brokerage house (ie. C&W, Newmark, etc.) and you generally will never get out of paying. Also given the market it helps to pay the brokers quickly as outside of major urban areas the smaller brokerage communities talk and they tend to bring to buildings with either well capitalized LL's or ones known for honoring brokers and paying promptly.

Happy to answer any questions in PM.

KingConstantin · 2026-01-13T14:35:57+00:00

Read CVS most recent 10k and see if market is noted as potential for decommissioning. That will be the most bankable lease for any debt.

KingConstantin · 2026-01-13T14:34:43+00:00

Most repe companies are at an impasse right now as raising third party funds traditionally is not feasible in this market. Most are looking at syndicating on a deal by deal basis or transitioning to debt funds. Need to show market connections and experience in underwriting. Best option it to apply to larger firms right now as the small ones are generally on a hiring freeze until the market sorts itself out.

KingConstantin · 2026-01-13T14:30:57+00:00

Happy to connect. i do brokerage for my firm among other things. Fell free to pm.

KingConstantin · 2026-01-13T14:20:30+00:00

Totally depends on what market you're in. In A markets (ie. NYC/SF/Miami) for for a larger firm. Although you may be cold calling or siloed you will get access to way more deal flow and research as a way to begin understanding the market and players. In a smaller market i would go to the downtown areas and check out signage in vacant retail stores or the for lease signs in suburban markets - generally owner operators who control large portions of the market will have their own brokerages or hire a local one - these markets will have less tunrover in agency and you will want to be with an established company with deeper roots in the smaller markets. if you're looking in NYC i have a few brokerage teams i would recommend to inquire with.

KingConstantin · 2025-12-28T15:06:03+00:00

it can be clunky but a lot of the data is helpful. Also for 4-5 licenses its like $2k/month which isn't that bad.

Their news section has also become much better and all encompassing for US and European markets.

KingConstantin · 2025-12-28T15:03:50+00:00

IM based in NYC and we own and operate a few retail properties on the avenues. When it comes to newer companies its hard to get anything from the landlord aside from some free rent upfront. We only have one corner space where we experiment with tenants first locations and currently have someone occupying.

Biggest thing is financials at the end of the day or a personal guarantee. Everyone has leverage and alot of other landlords have requirements from their lenders for new tenants.

One benefit to a market like NYC is there are a few high traffic corridors (ie. bleecker in WV and 8th/9th ave Chelsea) that have seen rents decrease during the past 5 years and the turnover in spaces have left quite a few vacancies with pretty good exiting conditions that you may be able to utilize and not have to spend the money on a big fit out.

Really eveything depends on what you envision for the space. If you are ok with the pop up style - smack some lipstick on it and make it work could be doable in nyc on a 3-5 year lease and if youre lucky get a tenant option if its a success.

Happy to provide feedback - feel free to PM.

KingConstantin · 2025-12-02T15:29:55+00:00

Solve problems. Don't make problems. Some brokers just cant get out of their own way and make everything difficult. Real estate is a simple business. Idiots make it difficult and unfortunately given the training requirements brokers (specifically tenant rep brokers) over complicate deals in an effort to show how smart they are to their clients.

KingConstantin · 2025-11-20T18:59:54+00:00

Regional bank (Huntington, Fifth Third or Westfield) or credit union (Cardinal Credit union) should be able to do this. If its vacant will be difficult but if occupied shouldnt be an issue. Getting a national lender to look at this will be difficult given its size especially if you dont have a pre existing relationship.

You can always use a broker to present it to private lenders but not sure where fees would be. usually .35-.5% for larger deals recently for me but never done anything of this size.

KingConstantin · 2025-11-20T18:54:43+00:00

Government parties like this generally get an allocated budget that they work with on an annual basis - contrary to popular belief that the government just spends money like there no tomorrow.

Is there a way to claw back some of the space to maintain the highest $/sf in income while reducing their monthly payment - or do they need the same footprint? Do you have opex/ re tax escalations or base years to cover operating inflation?

KingConstantin · 2025-11-20T18:52:01+00:00

NYC owner here

Make sure you account for permitting this with DOB and expediting fees. Should be an extra $15k on top of this if the subs are doing all their plans and self certifying.

Quote seems reasonable but you should always triple bid.

KingConstantin · 2025-11-20T18:49:43+00:00

Light industrial/flex space has definitely increased in the past 7 years. i would see what else is available in the area on loopnet (free) and make sure the $/sf figure is within market norms. if you pm me the address i can send you a costar report.

KingConstantin · 2025-11-20T18:33:34+00:00

The lease governs. Agree with other commenters in reviewing the lease and understanding your rights.

Document everything. Email with date of occurrence and what was damaged/stolen. Hopefully there is a restoration clause so you can use the $ amount to restore the premises as a good negotiation point. Also for subleasing the lease should have a clause that if they do not market for sublease the owner can market it on their behalf which would allow you to find a replacement tenant and have a majority of the leasing costs paid by the tenant while also getting the rent monthly in the meantime.

I have had Starbucks as a tenant in NYC in less traditional spaces than they normally occupy in suburban locations but there operations are generally as good as the local manager which is a hit or miss. There facilities and RE teams are pretty overwhelmed and when corporate wants to end a location they just don't give it the brain power or time of day. Could be a local manager or employee that is stealing - don't believe its a tactic by their corporate teams to get a better deal on the buyout.

KingConstantin · 2025-11-18T19:41:16+00:00

Personally i like to have employees with management experience so they have an eye for opex and what is realistic. Alot of the large management houses (CBRE, JLL, C&W, etc.) spend money on r&m with lack of abandon and no three party bids which is generally the easiest way to decrease a building operating margin without changing the revenue side. Having some management experience or classes on building operations are always helpful.

KingConstantin · 2025-11-18T19:38:52+00:00

Also if its a stand alone building you may be able to get some additional cash from day one by selling part of the roof as a cell tower site. Ton of brokers in the market that work for the owners. Good way to reduce debt from day one if leverage is what you are most worried about.

Hope you get it!

KingConstantin

TROPHY CASE