If you have been thinking of starting your own business in New York City, now may be the time since NYC remains “awash with space,” as reported in this NY Post media article. From the report, Manhattan availability rates continue to hover around 17%, and average asking rents are around $75 per square foot. As […]
Read more...Tag: commercial lease attorney in Manhattan
NY Eminent Domain and Commercial Lease Provisions
There was an interesting article in TheRealDeal — see here — about the New York town of Southhold’s efforts to use the power of eminent domain to seize property in the Town owned by Brinkmann Hardware. The site in question is about 1.75 acres along the main street in Southold. Brinkmann Hardware bought the property in 2016, […]
Read more...Negotiating Your NYC Commercial Lease: Rent Escalation Clauses and Inflation
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...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...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...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...Not All Commercial Leases Are Alike
In looking for a place to establish a storefront business – restaurant, retail, or otherwise – owners and managers must consider many factors. One of those is the type of commercial lease agreement that will be negotiated with the landlord. Unlike a residential lease, which often is set at a flat rate, a commercial lease, […]
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