Remote work offers employees more freedom with less time spent in offices and commuting. However, landlords and lenders are facing challenges as office buildings sit empty, leading to less bank loans and potential financial strains. The commercial real estate market, valued at $20 trillion, has been feeling the impact for years, accelerated by the shift […]
Read more...Category: Commercial Real Estate Transactions
Converting Offices into Residences in NYC is Challenging
Office buildings are under pressure as remote work becomes more prevalent. McKinsey forecasts an $800 billion decrease in their value over the next decade, particularly in cities like New York. While converting these spaces into apartments might seem like a logical step, the reality is far more complex. Analysts outline the obstacles: strict zoning laws […]
Read more...NY Businesses: Should I Buy a Commercial Condominium?
Whether to purchase a commercial condominium for your business, as opposed to buying a fee simple parcel of land or building, is a business decision rather than a legal one. But, if you are considering purchasing a commercial condominium for your New York business, some legal issues should be considered. In this article provided by […]
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...Speaking at an Upcoming Pop-Up Seminar
Glenn D. Wright of the Wright Law Firm and Robin Abrams, broker extraordinaire and Vice-Chairman of Compass Real Estate, will be speaking in an upcoming Strafford live Webinar, “Pop-Up Leasing: Drafting Delivery, Insurance, and Maintenance Provisions, Mitigating Risks in Short-Term Agreements” scheduled for Tuesday, September 14, 2022, 1:00 pm.-2:30 pm EST. With the sudden downturn in […]
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...Commercial Leasing and NYC’s Climate Mobilization Act
In mid-2019, the New York City Council passed what was called the Climate Mobilization Act (“CMA”). It was actually six distinct pieces of legislation. But the key initiative is related to cutting carbon emissions from large buildings. The first set of deadlines is quickly approaching. To begin ensuring that your commercial leases address requirements, allocate […]
Read more...Glenn Wright Appointed to New York City Bar Association’s Real Property Law Committee
The Wright Law Firm is pleased to report that Glenn Wright has been appointed to the New York City Bar Association’s Real Property Law Committee for a term beginning Aug 01, 2021, and ending Jul 31, 2024 (Class of 2024). As a committee member, Glenn will participate in shaping law and public policy by commenting and testifying on legislation, submitting briefs, drafting […]
Read more...Valuation Methods When Selling or Buying a New York Business
When buying or selling a business here in New York, valuation can be tricky. No seller wants to receive less than the business is worth, and no buyer wants to pay too much. A Buyer or Seller always wants some valuation analysis undertaken. Here is a quick guide to a few standard business valuation methods. […]
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 […]
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