Unless it is a short-term lease, every New York City commercial lease contains at least one rent escalation clause. There are several types, but, in general, these clauses increase the rent — and other tenant payment obligations — on a fixed schedule (which is often yearly). This article includes topics for commercial litigation, landlord-tenant, and […]
Read more...Category: Commercial Lease Lawyer
NYC Commercial Lease v. License: What is the Difference?
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...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...Payment of Real Estate Taxes Under NYC “Triple Net” Commercial Leases
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 lease may reference a statute or regulation, […]
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...How Might NYC Lessors React if Commercial Rent Control is Enacted?
As reported by media outlets, City Councilman Stephen Levin has re-introduced legislation to impose commercial rent control here in NYC. See Crain’s New York Business report here. Levin introduced his bill in 2019 but was unsuccessful in getting the legislation to a vote. No one is sure whether Mayor DeBlasio is supportive. It is a […]
Read more...Negotiating Force Majeure Clauses in NYC Commercial Leases
We recently wrote about the frustration of purpose doctrine regarding New York commercial leases and COVID-19. In this article, we discuss a different kind of legal doctrine that might be used to allow a party to be excused from its contractual obligations: “force majeure” provisions. Unlike the frustration of purpose doctrine, which depends on the […]
Read more...NYC Commercial Lease Litigation, COVID-19 and the Frustration of Purpose Doctrine
Under New York contract law, the frustration of purpose doctrine is a legal principle that, under certain rare circumstances, allows one party to evade its obligations under a contract. The Frustration of Purpose doctrine only applies if “circumstances” have changed so that one party’s performance is virtually worthless, thereby frustrating the purpose of making the […]
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