Commercial and Residential real estate in NYC are two very different markets. While residential real estate is focused on housing, commercial real estate is focused on businesses and their needs. One of the main differences between the two is the price point.
Commercial real estate tends to be much more expensive than residential real estate in NYC due to the high demand for business locations.
Another difference is the length of leases. Residential leases tend to be shorter than commercial leases, which can range from five to 10 years or more.
When it comes to location, residential real estate is more focused on neighborhoods and proximity to amenities like schools, parks, and shopping.
On the other hand, commercial real estate is more focused on accessibility to transportation and the business district.
This means that commercial properties are more likely to be located in the central business districts of NYC, while residential properties are more likely to be located in the outer boroughs or suburban areas.
