Most have heard of a commercial LEASE concerning New York City real estate. Some may be surprised that one may also obtain a LICENSE concerning real estate. In simple terms, a lease grants possession of the real estate, while a license grants no possession but the right to engage in specific actions (usually of a […]
Read more...Yes, You can get a Commercial Lease in the Metaverse
You may have heard that Facebook recently changed its corporate name to Meta. Part of the change involves creating virtual realities with virtual “land,” “buildings,” and burgeoning virtual “cities.” As reported here by Time media, already, there are many websites dedicated to building the most popular and populated virtual worlds. Meta may “win,” but time […]
Read more...My NYC Commercial Lease is Expiring: What Do I Do?
If your NYC commercial lease term is expiring soon, you are not alone. As The Real Deal reports here, upwards of 243 million square feet of office space leases are set to expire during the remainder of 2022 in NYC and elsewhere around the country. Further, it is estimated that leases for another 200 million […]
Read more...Lease vs. License -Glenn Wright to be Speaker at Upcoming Seminar
I am pleased to announce that I will speak in an upcoming Strafford live video webinar, “Lease vs. License: Short-Term Property Use, Access, and Exclusive Control, Termination, Remedies,” scheduled for Thursday, April 21, 1:00 pm-2:30 pm EDT. Landlord attorneys have either overlooked or been too cautious about suggesting license agreements to their clients. Currently, real estate license agreements […]
Read more...Commercial Leasing and NYC’s Climate Mobilization Act
In mid-2019, the New York City Council passed what was called the Climate Mobilization Act (“CMA”). It was actually six distinct pieces of legislation. But the key initiative is related to cutting carbon emissions from large buildings. The first set of deadlines is quickly approaching. To begin ensuring that your commercial leases address requirements, allocate […]
Read more...Unique Issues for Commercial Leasing in Life Sciences Sector
Last year, according to the Real Deal, records were shattered for the number of New York City commercial spaces leased to businesses and firms in the life sciences sector. According to the report, the square footage surged to more than 433,000 square feet in 2021, nearly triple the space leased in 2020 and more than […]
Read more...NY Federal Judges say the ADA does NOT apply to websites
For at least a decade or so, there has been a legal debate about whether websites must comply with the federal Americans with Disabilities Act (“ADA”) — 42 USC § 12101 — by being accessible to the blind and others with disabilities. The ADA generally requires that all “places of accommodation” be accessible to those […]
Read more...Understanding NYC Triple Net Leases
Understanding NYC Triple Net Leases and Taxes One of the many reasons you should have an experienced NYC commercial lease attorney draft and review your commercial lease is that many leases reference New York State law or New York City Regulations. Experienced commercial lease attorneys will understand those references and know what they mean. The […]
Read more...NYC Commercial Leases: What is the Covenant of Quiet Enjoyment?
One of the many reasons you should have an experienced NYC commercial lease attorney draft and review your commercial lease is that all leases — both residential and commercial — contain implied covenants. These are like “invisible” provisions/clauses deemed by New York law to exist in every contract. Those not experienced with lease law will […]
Read more...CAM expenses and why do Tenants Have to pay them?
In addition to the rent in NYC commercial leases, tenants must pay CAM expenses based on the rented square footage. CAM is an acronym that stands for “common area maintenance.” Examples of “common areas” would include the atrium space in an office building, green spaces and landscaping on the exterior of a building, common elevators, […]
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