Yes. Several judicial decisions uphold the lease rights of landlords to evict their commercial tenants for failing to obtain the required insurance coverage policies. Moreover, the lease provisions are closely read, and NYC commercial tenants are held to exact standards. In one example, the insurance obtained correctly listed the commercial landlord as a named insured […]
Read more...Understanding Lease Termination Clauses
Understanding Lease Termination Clauses in NYC If you, as a tenant, break your NYC commercial lease, the likely answer is that you will owe your landlord money. Most certainly, you will receive at least one letter from your landlord’s attorney, and, most likely, in that letter, you will be threatened with litigation. However, litigation may […]
Read more...Do I Really Need an Attorney to Negotiate a Commercial Lease?
In brief, yes. Commercial tenants absolutely need the help of experienced and tough NYC commercial lease lawyers to help negotiate commercial leases. We provide those services here at Wright Law Firm NYC. We can be reached at (212) 619-1500. But if you do not want to call us, we strongly urge you to contact a […]
Read more...NYC Commercial Leases: Thoughts on Insurance Requirements
Almost always, NYC commercial leases require tenants to obtain, carry, maintain, and keep current various types of commercial insurance. Further, the lease will almost certainly require the landlord to be listed as a “named insured” on any required insurance policy, AND all such policies must be purchased IN ADVANCE of tenant move-in. Proof of insurance […]
Read more...Advantages of a Good Guy Guaranty vs. a Traditional Personal Guaranty
Most NYC commercial leases require some form of guarantee from the tenant. For smaller commercial tenants, this generally means a personal guarantee from one or more of the owners of the tenant company. This is generally in addition to a hefty security deposit typically provided through a Letter of Credit. A personal guarantee can be […]
Read more...Commercial Leases: Strict Compliance With Notice Provisions Required
Any New York commercial lease will have numerous provisions within the lease regarding notices. Every notice provision must be carefully read and understood since, under New York law, there must be strict compliance with lease notice provisions. Experienced lease negotiators are fully aware of the importance of notice provisions. Depending on the provision, the lessor […]
Read more...Bank Failures – What Happens if My Landlord Goes Bankrupt?
There have been a couple of bank failures recently, and some are uncomfortable signs that the banking system is under stress. Nothing too much more may happen, but attention to the ongoing trends is warranted. There is a connection between bank failures and commercial leasing only because most real estate properties are purchased with significant […]
Read more...NY Businesses: Should I Buy a Commercial Condominium?
Whether to purchase a commercial condominium for your business, as opposed to buying a fee simple parcel of land or building, is a business decision rather than a legal one. But, if you are considering purchasing a commercial condominium for your New York business, some legal issues should be considered. In this article provided by […]
Read more...Some Tips on NYC Commercial Leasing and Illegal Activities
Understanding NYC Commercial Leasing Risks Recreational use and possession of smaller amounts of cannabis/marijuana have been legal in NYC since 2019. But selling marijuana for personal use remains illegal unless the business is properly licensed. The problem is that only 37 retail outlets have been approved for New York. See the Bloomberg media report here. […]
Read more...What Businesses Must Know About NYC’s Biometric Ordinance
Last year, New York City enacted a biometric privacy law for many commercial businesses. The Ordinance went into effect in early July 2021. Here are a few things commercial tenants need to know about the new Ordinance. See the link to a PDF of the Ordinance text here. To Whom Does the Biometric Ordinance Apply? […]
Read more...