Given that the long-overheated office market in Manhattan is starting to cool, commercial leases are becoming somewhat more tenant-friendly. One way retail landlords are sweetening deals for tenants is to give them a lease option to expand in the same building as their office needs grow. This option is especially prevalent in “silicon alley” in […]
Read more...Buying a Franchise? Review the FDD
Many do not consult a lawyer before buying a franchise and signing a Franchise Disclosure Document (“FDD”). Prospective franchisees are frequently told by the franchisor that the FDD is not negotiable. Financial Disclosure Documents are, in fact, somewhat negotiable, and a good franchise lawyer can revise the language and obtain some concessions. More importantly, an […]
Read more...Court’s New Take on Standard Office Lease Language
The New York Appellate Division recently narrowed the protection a clause in the standard office lease form afforded landlords and building owners. Landlords always insisted on lease language stating that they are making no representations as to the legality of the tenant’s proposed use of the premises. More specifically, the […]
Read more...Commercial Lease Build-Out Clauses
Most prospective commercial tenants, prior to the move-in date, need to modify the space to suit their business’s needs. Whether it is a raw space (a “vanilla box”) or built to the specifications of the prior tenant, extensive renovations are almost always required. Unless the new tenant is a chain with other locations, they may […]
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Negotiating the Billboard Lease
When Clients ask me about leasing a billboard or outdoor advertising on their property, we first discuss whether a license agreement, easement, or ground lease is best for them. Many property owners like a license agreement because it can quickly be terminated. Most large outdoor advertising companies (OACs) prefer a long-term, binding commitment such as […]
Read more...Small Business Purchases & Sales Spike
BizBuySell.com, a business transaction listing website, reports an increase in small business purchases & sales. In fact, it states that more are on the market than at any time in the last several years. In addition, the average sales price business owners are getting has risen. Most analysts attribute this in part to Baby Boomers […]
Read more...Huge Buyouts for Lease Surrenders
In Manhattan, developers pay astronomical sums for Lease surrender to tenants who get in the way of large construction projects. When three rent-regulated tenants refused to move out of their apartments, delaying Tishman Speyer’s plans to build a three million square foot office building in Hudson Yards, the real estate behemoth shelled out a total […]
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Commercial Real Estate Development vs. Artists in Brooklyn
Like all Burgeoning Arts neighborhoods ultimately do, Bushwick, Brooklyn, now feels the threat of gentrification. Famous for its street murals, this former manufacturing neighborhood is home to many artists’ studios and galleries. The overwhelming demand in Brooklyn for commercial real estate has caused most artists’ space to be priced out as commercial landlords either refuse […]
Read more...Seminar on Purchase & Sale of Restaurants
Glenn Wright of the Wright Law Firm, PC, will be a panelist at the New York Society of Certified Public Accountants (NYSSCPA) Hospitality & Restaurant Committee Breakfast Technical Session 2015 on December 3, 2015, at 8:30 a.m. The focus will be on the Purchase and Sale of Restaurants Certified Public Accountants seeking Specialized Knowledge (NYSED) […]
Read more...Negotiating Commercial Lease Common Charges
Both parties should attempt to be as specific as possible when negotiating commercial lease common charges. There is clearly a disparity in the knowledge of these costs. As part of their due diligence, a prospective tenant should request that the landlord provide a detailed history of past lease common charges. Many landlords believe that making […]
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