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Gea Elika

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Elika Associates Launches New York City Commercial Real Estate Tenant/Buyer Representation Group

09-06-11
Gea Elika

Elika Associates (www.elikaassociates.com ) has announced the launch of Elika Commercial - the firm's new Tenant/Buyer Representation Group. Elika Commercial is the latest initiative at Elika Associates and will consist of a team of licensed real estateprofessionals exclusively dedicated to representing clients in commercial real estate transactions.


Elika Commercial will offer clients strategic guidance and detailed consulting in targeting New York's most profitable locations, amenities, sizes and configurations – each tailored to the client's individual needs. The expert group will analyze, manage and negotiate the best agreements possible for clients, as well as identify new investment opportunities. The objective is to reduce occupancy costs and improve operating efficiencies on behalf of the buyers and tenants served by Elika Commercial.

Elika Commercial will offer clients seeking to lease or purchase the following real estate services:
  • Tenant/Buyer Needs Analysis
  • Strategic Planning, Market Analysis and Consulting
  • Comparative Space and Site Selection
  • Negotiate lease and/or purchase agreements
Elika Associates is an Accredited Buyers Representative and is currently the only Manhattan based buyers brokerage eligible for membership with the National Association of Buyers Agents. With over 10 years experience assisting a broad range of national and foreign buyers seeking both homes and investment properties throughout New York City, Elika Associates is a highly-connected, high-powered member of the investment sales community.

"Tenant and Buyer representation is a natural expansion and perfect complement to our services," said Gea Elika. "This new initiative will allow us to seize investment grade opportunities for our buyers, as well as give our tenants access to all available retail, office and professional spaces in New York City.
"We have always represented tenants and buyers in the New York City area," continues Elika. "The difference now is that this focused team will work only with commercial tenants and buyers and will never take on any property exclusives, thus alleviating any potential conflicts of interest."

Elika Associates is New York's premier buyers brokerage. Elika exclusively represents the buyer and provides exceptional services tailored to each discerning client's unique New York real estate needs. Elika provides buyers with expert unbiased assistance with all property inquiries while finding, managing and negotiating the purchase of their next real estate investment. Elika Associates is a proud member of REBNY, FIABCI, NAEBA and REALTOR(TM).

For more information please visit: http://www.elikaassociates.com/commercial/real-estate
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Elika Associates Launches New York City Residential Property Management Division

09-06-11
Gea Elika

Elika Associates is proud to announce the launch of Elika Management, a new division that will specialize in boutique New York City residential property management.

“Elika Management will offer a complete selection of property management services focused towards residential real estate investors" said Gea Elika. "Our family style, hands on approach will provide the boutique service and attention that independent investors need most.”

Elika Management will specialize in the management of individually owned New York City Apartments, townhouses and multi-family buildings up to 20 units.

Elika Management will focus on providing responsive and efficient services, implementing, maintaining and improving management and building systems as well as maximizing property values and rental yields.
Management services will include some of the services below:
  • Hiring friendly maintenance workers who respond 24-hours a day
  • Immediate response to maintenance requests, avoiding costly repairs
  • Finding renters and screening potential tenants
  • Preparing applications for tenant condo/co-op board review
  • Billing tenants and payment collection
  • Paying mortgages and associated maintenance expenses
  • Inspecting units and/or buildings as requested
  • Finding buyers for resale

“We are very pleased to begin this brand new initiative given the strong demand and provide another level of service excellence to our existing clientele and prospective clients said Elika. “Our goal is to offer every client a tailored management solution that is the right fit for them and the property."

Founded in 2008 Elika Associates currently assists local, national and foreign investors with finding profitable New York real estate investments.

Gea Elika is very pleased to announce that Helen Elika will manage the Property Management division. Helen Elika a successful real estate investor herself has over 20 years of residential sales, leasing and property management experience and is ready to advance her career.

Elika Associates is New York's premier buyers agent. Elika exclusively represents the buyer and provides exceptional services tailored to each discerning client's unique New York real estate needs. Elika provides buyers with expert unbiased assistance with all property inquiries while finding, managing and negotiating the purchase of their next real estate investment. Elika Associates is a proud member of REBNY, REBAC, FIABCI, NAEBA and REALTOR(TM).
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8 Quick Steps to Buying New York City Apartments

09-06-11
Gea Elika
Purchasing a New York City apartment can be highly rewarding however, requires professional help and a long-term commitment. A team of real estate experts is needed to help buyers find and negotiate the best deal possible based on individual requirements. Potential buyers should be fully aware of the process of buying a home in NYC to help them make more confident and accurate decisions. Here is an easy and effective eight-step guide to purchasing New York City apartments.

Step 1: The Decision - Buying a home is a huge financial decision. The buyer should be prepared and committed for it financially. Home ownership has several advantages such as tax breaks and stability, but whether it is the best option for the buyer currently vis-à-vis a rental arrangement is something to consider.

Step 2: Finding a Buyer’s Agent – Experienced real estate agents who are thoroughly abreast with current market conditions can help buyers locate/negotiate the best apartments to match their criteria and offer several realty-based services.

Step 3: Organize Finances - Financing is often pre-approved for a stipulated amount by lenders for prospective home buyers. Home buyers should be at ease with the mortgage terms, since meeting monthly installments can get overwhelming for the buyer if they overstretch his/her monthly budget.

Step 4: Locating the Dream Home - After pre-approval of finances, buyers can actively start searching for their ideal home. This can be a highly intimidating task for potential buyers. A knowledgeable buyer’s agent can help buyers negotiate the best deals to match individual preferences.

Step 5: Make an Offer – Once buyers find the ideal home that matches their requirements perfectly, they can estimate a fair offer for the property based on an experienced agent’s knowledge/research of market comparables.

Step 6: Inspection and Insurance – Prospective buyers shouldn’t go merely on the face value of their dream home. It is crucial to investigate deeper for discovering potential hidden problems that may pose problems later. A property inspector can help access possible damages within the property to save the buyer from future inconveniences.

Step 7: Sale Closing – Once the buyer’s offer is accepted, the mortgage commitment is determined and a home inspection is successfully carried out, the requisite formalities can be completed with assistance from an expert team of mortgage specialists, real estate brokers and attorneys.

Step 8: The Final Move – Buyers move into their new home.

To learn more please visit: 8 Steps to Buying a New York City Apartment
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New York City Office Space and Tenant Improvements

09-02-11
Gea Elika
New York City Scenario: The New York Real Estate scenario is a completely different ball game, and tenant improvements in “The Big Apple” are no different. The term refers to a fixed sum of money set aside by the landlord specifically for the purpose of improving the tenant’s space. There are no exceptions by which this amount can be utilized for anything else in New York. This is how the process roughly works - the landlord demolishes a space when the tenant moves out and rebuilds it generically. They build the space according to what is called “building standard”. The landlords get prospective tenants into the standardized space that is akin to a model apartment. Smaller tenants will accept these spaces exactly as they are, whereas the big fish will demand customized office spaces for their businesses. If tenants go with 7,500 square feet or less, the landlord takes complete responsibility for the build out for the tenant.

Tenants do not pay for these contractor and construction activities from their pocket, but instead through the rent. Tenants are in most cases expected to take ownership of costs related to rent and voice data cables. If tenants decide to handle the construction aspect, they can demand a cash contribution from the landlord.

Outside New York Scenario: While comparing office space leases, tenants should not just consider the rent at face value, but also take into account the tenant improvement allowance. A majority of the times when a tenant leases an office space, revamps and reconfigurations are required. It can be a humble painting job or a dramatic renovation that completely converts the space. As a clause of your lease agreement, the landlord usually chips in a fixed-sum towards these renovations. One of the shortcomings of this system that works against tenants is that there isn’t a standardized method for working out the tenant improvement allowance.

An expert commercial lease tenant representative broker can help you negotiate better tenant improvement allowances from the landlord. It is important to understand the terms of the construction activity. Which part of the common areas is to be paid from your allowance share? Letting your whole tenant improvement allowance going to common areas is not beneficial for you. Understanding the base rate of every potential landlord gives you a keen sense of who is offering the most lucrative deal.
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Hidden Costs to look for prior to signing a lease

09-02-11
Gea Elika
Owing to the fact that most lease agreements can be over 70 pages in length, it is easy to skip a few details. Hiring a professional tenant representative can help you understand crucial legal jargon and save you from hidden costs that can aggregate to a substantial amount. Irrespective of whether you hire a tenant representative or go independent, it is important to watch out for hidden costs to safeguard against skyrocketing NYC office space additions.

Electricity Costs: Most fine prints about electricity are confusing for the tenant and this in turn works out favorably for the landlord. For instance, many landlords have written clauses on their lease that they are entitled to survey your commercial office space and then increase the rate. If the tenant is not alert, he/she may end up paying about 100% more.

Freight Elevator: Landlords may at time charge tenants for using freight elevators for lugging up their equipments after office hours or on weekends. The cost can be as high as $500 an hour and moving New York City office space can take a few hours, adding the costs substantially.

Property Taxes: Property taxes can contribute sizably to the overall costs incurred by a tenant if he hasn’t figured them carefully out at the onset. Tenants need to comprehend how property figures are calculated and how they are impacted when the taxes on the structure go out. A proportionate contribution above the given base rate is a fair method. An expert tenant representative can help prospective tenants understand the fine print behind property taxes.

Pre-Existing Conditions: Several lease agreements have clauses that require the tenant to leave the NYC office space in the exact condition in which they received it. This simply means all the additional re-decorations like vibrant paint, walls and lighting have to be undone. The more renovation tasks you undertake, the more you may have to spend to undo them. Negotiating this clause upfront with the landlord can help you save on easily avoidable costs.

Miscellaneous Expenses: The landlord can include several additional expense-incurring clauses such as only their workers can change electrical fittings within the New York City office space. This can translate into an expense of $100 each time a light bulb is changed. It is therefore important to have these conditions clearly stipulated on your lease to avoid any acrimony later.
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