The real estate industry has recently embraced the emerging technology associated with “smart” rentals, including homes and commercial rental spaces. The new phrasing is “connected-home-and-office technology.” For example, see this recent TheRealDeal media article. There are some good business reasons for the emerging trend but some legal cautions, too. Why the increased interest in “connectivity”? […]
Read more...Summary Judgment and its role in New York Business Litigation
Most people probably think “business litigation” is similar to the dramatic trial presentations on television and in the movies. But real-world litigation rarely involves drawn-out, full-blown courtroom trials. Indeed, more than 90% of litigation cases settle long before a trial is scheduled. Moreover, almost every litigated case involves a procedure called “summary judgment,” which is […]
Read more...Is a “Liquidated Damages Clause” Enforceable in NYC?
In some contracts, including NYC commercial leases, a clause will be included that is generally called a “liquidated damages” clause. A liquidated damages clause is agreed to in advance by the parties to a commercial lease and identifies a specific amount of money that will be owed by one party to the other if the […]
Read more...Office-to-Residential Conversions-what you need to know
Over the last couple of years, there has been a continuing stream of media articles discussing legal and industry trends concerning the conversion of office buildings into residential buildings. For example, in November 2021, Politico ran an expansive, detailed, and interesting article on office-to-residential conversions called “Cities with empty offices see new room to expand […]
Read more...Should I Sign a Long-Term or Short-Term Commercial Lease?
When establishing a new business in NYC, you have to decide whether to sign a long-term or short-term commercial lease. A given New York City commercial lessor — landlord — might only offer one type or the other, but as you seek out NYC retail space for lease, you can find space for whatever kind […]
Read more...Buying a New York Business: What is a Bill of Sale?
When you purchase a New York Business, when the deal is finalized, there will be a lot of paperwork. The paperwork’s important contents will be all the documents that will transfer ownership of the New York business (and its assets) to the new owner, the Bill of Sale. Every New York business will have many […]
Read more...NYC Commercial Lease Litigation: Do Landlords Have a Duty to Mitigate Damages?
Under current New York law, commercial landlords have no duty to mitigate damages if a commercial tenant breaks the lease. In this circumstance, mitigating damages generally means an obligation on the part of a landlord to re-rent the space. This decreases — mitigates — the landlord’s damages from a tenant breaking the lease since the […]
Read more...Legal Cannabis And NYC Commercial Leases
Cannabis is legal in New York State, and dispensary licenses were issued in late November for the first thirty-seven retail outlets. See the Bloomberg media report here. At about the same time, New York issued the first set of Guidelines for cannabis retailers. See Leafly media report here. The Guidelines are temporary and will be […]
Read more...NYC Leasing Pro Tips as Retail Leasing Hits a “Turning Point”
According to a recent NY Post media article, retail leasing here in NYC may have reached a “turning point” since the start of the COVID-19 pandemic. The NY Post cites a recent report by CBRE, highlighting two critical metrics indicative of an improving retail leasing environment in New York City. The first is a 2.2% […]
Read more...Memorandum of Lease: What is it and do I Want One?
NYC commercial leases are complicated and typically contain many clauses and provisions that might seem mysterious. An example of a “mysterious” clause that you might see in an NYC commercial lease is the Memorandum of Lease clause. Under New York law, either the landlord or the tenant can prepare a Memorandum of Lease (“MOL”). Compared […]
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