Simply put, a lawsuit involves a person or a business (or several persons/businesses) who sue others to resolve a legal dispute. The persons or businesses initiating the lawsuit are called “plaintiffs,” and those being sued are called “defendants.” For example, if ABC Company files a lawsuit against XYZ, Inc. for breach of a business contract, […]
Read more...Tax Assessments NYC: Post-COVID Re-Adjustment Guide
NYC office landlords are anxious to see if this year’s property tax bills will finally reflect current market conditions. They’re filing annual appeals on their Tax Assessments, hoping for adjustments. Commercial property assessments keep rising, even though market values are dropping and many offices remain empty due to more people working from home. This year, […]
Read more...NYC Illegal Cannabis Shops: What You Need to Know
Imagine this: a group of smoke shop owners in NYC, lacking the necessary licenses, are now in a legal battle with the Adams administration. They’re asserting that the city’s recent crackdown on illegal cannabis shops is trampling on their constitutional rights. These owners have taken the bold step of filing a federal class-action lawsuit in […]
Read more...Appraisal of Commercial Real Estate
Valuing commercial real estate is essential for anyone involved in buying, selling, or investing in properties. This blog will simplify some key concepts in appraisal methods to help accurately evaluate commercial property values. Key Terms to Know: Valuation Approaches Explained: Valuing commercial real estate involves various factors and methods. The optimal approach depends on the […]
Read more...Bank Loans for Office Buildings Struggle
Remote work offers employees more freedom with less time spent in offices and commuting. However, landlords and lenders are facing challenges as office buildings sit empty, leading to less bank loans and potential financial strains. The commercial real estate market, valued at $20 trillion, has been feeling the impact for years, accelerated by the shift […]
Read more...ADA Digital Accessibility Rule Enacted
Over three decades since the Americans with Disabilities Act became law, federal authorities are implementing landmark regulations to clarify its application in the digital sphere. This month, the U.S. Department of Justice is poised to finalize a pioneering rule delineating technical standards for the digital accessibility of websites and mobile apps falling under Title II […]
Read more...ESG: It’s Impact on the U.S. Real Estate Market: Shifting Priorities
ESG, or Environmental, Social, and Governance factors, notably influences the U.S. real estate sector. Impending reporting mandates and evolving investment standards drive this. The Securities and Exchange Commission (SEC) has proposed ESG regulations mandating climate-related disclosures in the United States. These rules enhance transparency by requiring companies to report annual carbon emissions, detail strategies to […]
Read more...Have Landlord’s Repairs Caused a Constructive Eviction?
Here’s the scoop: a commercial landlord and tenant had a showdown in court, trying to determine if the landlord’s actions ruined the tenant’s business and if the landlord’s repairs caused a constructive eviction. Let’s take a closer look at how this played out. Both sides tried to get some pre-trial injunctive relief, but the court […]
Read more...Office Space Rental: Challenges in NYC Conversions
Office buildings are under pressure as remote work becomes more prevalent. McKinsey forecasts an $800 billion decrease in their value over the next decade, particularly in cities like New York. While converting these spaces into apartments might seem like a logical step, the reality is far more complex and affects potential conversions in many ways. […]
Read more...Late Fees in Commercial Leases
In a dispute over a commercial lease, landlords typically insist on recovering all late fees stipulated in the lease when tenants default on rent and additional rent payments. On the flip side, tenants often resist paying these fees, arguing that they are unreasonably high and disproportionate to what they owe, despite what the lease states. […]
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