A Lesson in Real Estate from the Kings
As they say… location, location, location. Now that we’ve agreed to open a salon, where should we put it? So many great high potential neighborhoods in Brooklyn.
We know the areas we like, but we've agreed not to bet our savings on just our gut. It's time to find a commercial real estate broker and map out the neighborhoods we love, the broker's experience and relevant demographic data.
We looked for an active neighborhood that was close to mass transit, that had great parking and was easy to get in and out of. We want other retail neighbors that attract clients—I prefer lifestyle malls, but if you in a regular mall, I’d stay near the entrance. We are targeting young professionals and families.
Eddie, the Kings' commercial real estate broker.
Meet Eddie, he's our commercial real estate broker. We had reached out to our friend Jill Szymanski. She's an expert in franchise real estate both for restaurants and spaces our size. She recommended Eddie, who specializes in retail space our size, has been a huge part of the growth of several large chains in the boroughs and is a native Brooklynite.
What a lesson we learned…
- Commercial real estate is an expertise. The right broker knows all the landlords.
- If the space has a “for lease sign” on it, there is probably a reason.
- Don't believe the sticker price, the right broker can save you money in rent, leasehold improvement or free rent.
- Let the expert do the work, searching on-line or driving around is a waste of time.
Hot Tip: Don’t know a great broker…. As stylist’s we love to chat. Chat with the chain business you see popping up everywhere. If they can find great locations for every T-Mobile in the Boroughs, I swear they are on every corner. They can find you the right space with the right terms.
Read the first Blog in Allyson's series, Brooklyn is Our Muse.