Imagine this: a group of smoke shop owners in NYC, lacking the necessary licenses, are now in a legal battle with the Adams administration. They’re asserting that the city’s recent crackdown on illegal cannabis shops is trampling on their constitutional rights. These owners have taken the bold step of filing a federal class-action lawsuit in […]
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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...Late Fees in Commercial Leases
In a dispute over a commercial lease, landlords typically insist on recovering all late fees stipulated in the lease when tenants default on rent and additional rent payments. On the flip side, tenants often resist paying these fees, arguing that they are unreasonably high and disproportionate to what they owe, despite what the lease states. […]
Read more...Understanding Security Deposit Laws in New York
One crucial distinction when discussing security deposits is whether they pertain to a commercial or residential lease. This distinction is vital because it determines the laws governing these deposits. In New York State, the regulations surrounding commercial lease security deposits are specified under New York State General Obligations Law section 7-103. This law defines security […]
Read more...Is it Possible to Sign a Commercial Lease Electronically?
In today’s commercial lease agreements, it’s quite common to find provisions that permit electronic signatures and the use of platforms like DocuSign. However, it’s essential to note that certain signatures, such as those on a Guaranty, may require notarization. In such cases, the notarized signature is usually provided in hard copy to the Landlord’s legal […]
Read more...SNDA -Essential for NYC Commercial Tenants
Are you leasing commercial property in the heart of New York City? Chances are, your landlord has already or will soon approach you with something called a Subordination, Non-Disturbance, and Attornment Agreement, commonly known as an “SNDA.” While the name might sound complex, its role in shaping the dynamics between tenants, landlords, and lenders is […]
Read more...Cannabis Dispensaries and Risks to their Landlords
Landlords in New York City who knowingly rent commercial spaces to illicit marijuana dispensaries may now be subject to fines, with penalties reaching up to $10,000, following the recent approval of legislation by the City Council. The bill, championed by Lynn Schulman (D-Queens), marks a significant shift in enforcement focus. It mandates that city authorities […]
Read more...Usable and Rentable Square Feet in Commercial Leases
Usable and Rentable square feet are terms commonly used in the real estate and commercial leasing industry to describe different office or retail space measurements. These terms help property owners, tenants, and landlords understand how the space is allocated and what they pay for. Here’s the difference between the two: How to measure Office and […]
Read more...Can I Terminate My NYC Office Lease Early?
Terminating a NYC office lease early is very difficult. This is one reason that it is essential to consult an experienced NYC commercial lease attorney BEFORE signing a commercial lease. Landlords are in the business of making money through the rental of their buildings and property. As one can imagine, commercial leases generally do not […]
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