All Forum Posts by: Jessica Zolotorofe

I use United Corporate (David Bass) for every NY entity. There are a lot of antiquated requirements in NY, like publication of the entity formation, etc. that I just don't want to touch. They are really reasonable considering what a pain NY is. I see you are from NJ. What made you choose NY over NJ entity, just out of curiosity? 

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Hi James. Try National Granite. They're excellent. I do most of my NY deals through them. 

Hi Shawn, West Milford is hot right now, but you can easily over-improve there, so take some time to check out comps or make sure your partner knows the market.  

Gary, where in NJ are you located?

I stand corrected! I've never done one, but I guess it makes sense that you can, provided the entity is the same. If not, the TIC process will probably work.

1 property for many properties, but not many into 1. There are probably ways around it using tenant in common interests and doing 3 1031 exchanges for a 1/3 TIC interest in the replacement property. @Dave Foster?

Good morning! So your contract would have an approvals contingency for getting the zoning approval or you have the right to terminate. This is very common in commercial development deals. It could take quite awhile, I would leave 6 months with extension options if you are diligently pursuing, but  not sure where you are located and like you said, it could be a month process and it could be a year process if there are any objections to the change. Is the area really conducive to residential if it is currently industrial? Retail you may have an easier time getting away with with the municipal body. Residential approvals could be more of a challenge so you would want to hire a good zoning attorney, architect/engineer to fight for you. 

Reach out to a few national chains. You may want to hire a good national broker to help, and definitely post on sites like Loopnet for smaller brands. Also google a few brands and see if they have site requirements on their websites. Some are franchises, so that won't work, but you may get a couple hits.

Things to consider- Do you have room for a store, too? Any deed restrictions or easements that prohibit use as a store, or say a car wash, or a fast food restaurant on the premises? A lot of gas station brands are looking to expand use, so that could help, though it would likely require some parking. 

Are tanks still in the ground or they were removed? Canopies still there? Lots of things a new tenant would consider and they may make you deliver a "clean" property (no environmental issues) with no tanks anyway depending on their brand, so lot to consider. 

Good luck!

I believe they'll do Ohio. Make sure it's the website with no dash in it. There's another company with a similar website, I think they're engineers. This is the due diligence company you want.