Check out the new website for our large party space on the Red Hook Waterfront in Brooklyn.  This spot offers the best views in the city along with the ability to host large-scale events.  Visit the Liberty Warehouse website or contact thelibertywarehouse@gmail.com in order to find out more about this fantastic space!

Recently, I received a newsletter e-mail from Costar, a commercial real estate information company that we use in order to advertise. Normally, I navigate away from corporate newsletters and frequently find myself having to unsubscribe from numerous e-mail lists offering their “services”.  Having said that, a particular article in this Costar newsletter caught my eye and reiterated many feelings I have had over the past few months regarding commercial real estate and its current health as well as what is to come within the industry.

As owners and managers of commercial real estate, our rental income is our lifeblood.  Many assume that we can afford to operate without consistent rental income from all tenants.  This is not true.  While landlords are perceived as “the bad guy”, our operation revolves around the success of the small businesses that we provide with commercial, industrial, and office spaces.  If you are struggling to keep your head above water, we will work with you until it is no longer fiscally possible.  Our goal, especially during these times is to conservatively operate in order to combat an onslaught of taxation that almost doubles the amount of years past.  Along with that, we are here to provide our services to our tenants and to those who may find use for our property whether it be in Brooklyn or Western New York.  Luckily, we have not had much trouble filling the few vacancies that we have had but we don’t know what to expect in the coming months regarding our industry.  Nor do we know a time-table for the revitalization of our economy.  For us to run a sound operation we need small business to maintain operation if not to thrive.

As we have seen in Red Hook, small businesses along with creative industry have helped stimulate a neighborhood that was once forgotten.  With their continuance, as well as an emphasis on what is best for the entire community (a much debated subject), Red Hook has become more self-sufficient, unique, and safe.

So, can we safely denounce the stereotype of the dastardly landlord?  Probably not.  Just understand that we rely on our tenants and their operational sustainability.  In this service economy we are a business that provides service and cares about our tenants.  Rather than take advantage, we are cutting costs from within and making our business more efficient so we can function better with less.  Our focus cannot and will not be purely on the bottom line, it must involve the other, more intangible factors which go into managing property.

What is the future for commercial real estate?  Not too sure.  Our mentality is to work on our infrastructure and uphold the values that we believe are beneficial to not only our business, but the businesses we rely on to occupy our properties.  As always and especially during this recession, those who look to maximize profit rather than maintain healthy business relations are hindering progress.

-  Greg Jr.