.in my commercial landlord-tenant practice, I frequently see defaults against retail tenants for ceasing business operations even though they remain current with the rent. With the declining retail market in New York City, many store owners have to shut down their businesses. In doing so, they may exercise a “good guy” guaranty. The good guy […]
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Commercial Lease Remedies Clause & Locking Out a Tenant
Every lease has a clause which describes what a landlord may do if the tenant defaults, the remedies clause. Many of my clients, both landlords and tenants, consider this boilerplate language and do not pay enough attention to it. A landlord’s attorney will detail the various remedies a landlord has, such as terminating a lease, […]
Read more...Your Contractor filed a Mechanic’s Lien. Now what?
Under New York’s Lien Law, a contractor can file a mechanic’s lien for unpaid fees or materials costs stemming from a construction project. The contractor or subcontractor that performs labor or provides materials for a build-out of a store or office can place a lien against the premises. He serves not only the tenant who […]
Read more...Buying Commercial Real Estate – Sometimes Better to Lease?
When choosing to purchase a commercial property, you need to consider the possible risks involved. Buying commercial property only to later realize that renting was a better option is a feeling you don’t want to have. This post addresses some of the potential risks for businesses when buying commercial real estate The property market is […]
Read more...Seminar on Pop Up Leases for Artists and Galleries
*Due to weather, this event has been rescheduled to Wednesday, June 28, 2017, from Monday, June 19, 2017. Pop-Up Spaces: Innovative Ways to Showcase Your Art Location: NYFA, 20 Jay Street, Brooklyn, NY This event brings together Glenn D. Wright, Esq., The Wright Law Firm, P.C., and Robin Abrams, Vice Chairman, Lansco, to provide tips […]
Read more...Signage-Landlord’s Consent Not Always Easy
I recently received a distressed call from a beauty salon owner who had just signed a ten-year lease on a full floor of retail space on a prominent avenue in midtown Manhattan. The store was on the second floor of a small retail/office building and boasted large windows that ran almost the entire width of […]
Read more...Buying/Selling Restaurants: Seminar for CPAs
Do you have Clients that are buying/selling restaurants? Glenn D. Wright of the Wright Law Firm, PC, will be a panelist at the New York Society of Certified Public Accountants (NYSSCPA) Hospitality & Restaurant Committee Breakfast Technical Session 2016 on January 5, 2017, at 8:30 a.m. The seminar’s target audiences are legal, financial, and accounting […]
Read more...How to Pay for the Purchase of a Business
You have found your dream business venture to invest in and decided to buy. Now you have to figure out you are going to pay for the purchase of a business. There are many ways to pay for a new business, here are some of the most common: having cash at closing, seller financing, or […]
Read more...Drafting Strong New York Construction Contracts
What to look for in well-drafted construction contracts? Many architects and contractors use the American Institute of Architects (AIA) pre-printed, “fill in the blank” form contracts. Although these AIA forms are a good, fundamental starting point, most attorneys draft extensive riders to supplement them. The owner’s lawyer frequently proposes the riders because the AIA form […]
Read more...Selling Limited Liability Company Membership Interests
There are several important issues to consider when buying or selling Limited Liability Company membership interests. There are usually provisions in operating agreements that address the process involved in transferring a member’s interest. What type of provisions? For starters, they require the member to provide notice of the transfer to the other members. In addition, many […]
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