Understanding New York City Retail Leasing Trends New York City’s real estate retail leasing landscape is undergoing significant changes in response to recent challenges and market shifts. While the sector faced major difficulties during the COVID-19 pandemic, including store closures and increased vacancies, there are now signs of recovery in certain areas. Key Market Developments: […]
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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...Can a Landlord Evict due to Insurance Regs Non-Compliance
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...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...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...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...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 […]
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