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Expert Analysis

Dealing With Real Estate Tax Escalations In New Properties

By Dena Cohen (November 6, 2017, 10:42 AM EST) -- In order to turn a profit, commercial landlords need to recover their operating expenses. In New York City, one of an owner's largest expenses is the property's real estate taxes, which can be passed along to tenants as additional rent in either a modified gross lease or a net lease. In a modified gross lease, the landlord's expenses for the initial year, known as the base year, are included in the base rent, and the tenant pays its share of future increases. In a net lease, the tenant pays a lower base rent but is charged a pro-rated share of the landlord's operating expenses, including real estate taxes....

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