[Fredslist] Need advice - NYC commercial lease- broker commission

[Jane Myers]

Hello Tribe:

 A client is subletting 8,000 square feet of office space in midtown
Manhattan.  The term of the sublease is 20 months.  The brokers are
proposing that their commission be calculated at 5% of the first 12 months'
rent and 4% of the remaining 8 months.

 a) Are these percentages customary in today's market?

(b) What is customary for the payment schedule of the commission? lump sum?
spread out over several months and if so, how many?

 Thanks in advance for the insights!

Regards,

Jane
 
Jane M. Myers, Esq.
Jane M. Myers, P.C.
267 Carleton Ave. Suite  301
Central Islip, NY 11722
tel. (516) 470-1661 ext.1
fax.(516) 470-1657
www.jmmpc.com <http://www.jmmpc.com/> 
 
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