Artificial Intelligence Transforming Retail Stores In the digital realm, online retailers can gather extensive data on every visitor to their virtual stores through artificial intelligence. In contrast, brick-and-mortar retailers have limited means to discern their customers’ preferences, often resulting in missteps. Let’s examine a prominent illustration of this phenomenon: Retailers frequently employ “buy-one-get-one-free” promotions to […]
Read more...NYC Commercial Real Estate and Litigation Defense Blog
Usable vs. 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...Terminate NYC Office Lease Early: Your Guide
How to Terminate 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 […]
Read more...Vacant Office Space Threatens NYC Economy
New York City, a hub of commerce and innovation, has long been synonymous with bustling office spaces and iconic skyscrapers. However, the COVID-19 pandemic and the subsequent rise of remote work have significantly impacted the utilization of office spaces in the city. This blog post explores the evolving dynamics of vacant office space in the […]
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...Understanding Lease Termination Clauses
Understanding Lease Termination Clauses in NYC If you, as a tenant, break your NYC commercial lease, the likely answer is that you will owe your landlord money. Most certainly, you will receive at least one letter from your landlord’s attorney, and, most likely, in that letter, you will be threatened with litigation. However, litigation may […]
Read more...Do I Really Need an Attorney to Negotiate a Commercial Lease?
In brief, yes. Commercial tenants absolutely need the help of experienced and tough NYC commercial lease lawyers to help negotiate commercial leases. We provide those services here at Wright Law Firm NYC. We can be reached at (212) 619-1500. But if you do not want to call us, we strongly urge you to contact a […]
Read more...NYC Commercial Leases: Thoughts on Insurance Requirements
Almost always, NYC commercial leases require tenants to obtain, carry, maintain, and keep current various types of commercial insurance. Further, the lease will almost certainly require the landlord to be listed as a “named insured” on any required insurance policy, AND all such policies must be purchased IN ADVANCE of tenant move-in. Proof of insurance […]
Read more...Advantages of a Good Guy Guaranty vs. a Traditional Personal Guaranty
Most NYC commercial leases require some form of guarantee from the tenant. For smaller commercial tenants, this generally means a personal guarantee from one or more of the owners of the tenant company. This is generally in addition to a hefty security deposit typically provided through a Letter of Credit. A personal guarantee can be […]
Read more...Commercial Leases: Strict Compliance With Notice Provisions Required
Any New York commercial lease will have numerous provisions within the lease regarding notices. Every notice provision must be carefully read and understood since, under New York law, there must be strict compliance with lease notice provisions. Experienced lease negotiators are fully aware of the importance of notice provisions. Depending on the provision, the lessor […]
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