Harras Bloom & Archer LLP Blog

Friday, March 28, 2014

Commercial Lease Activity in New York City Soars

A Commercial Real Estate Attorney Can Ensure Your Interests Are Protected

Even a 40-year history at the same address can lose its appeal when increasing commercial real estate prices lead to a higher-than-expected purchase offer, United Cerebral Palsy of New York City (UCPNYC ) recently learned. The New York Times reported on December 3 that Toll Brothers offered the UCPNYC $135 million for its four-story headquarter property located in the Gramercy Park neighborhood of Manhattan.

What’s notable about this transaction is that the purchase price is more than twice as much as an offer the UCPNYC received just six years ago. “The sum was beyond our wildest imagination,” said the chief executive of the UCPNYC, which has owned the building since 1973. “It couldn’t come at a better time.” Flat government support has tempted numerous New York non-profits to sell high-value properties, lease new headquarters and use sale proceeds to bolster foundation coffers: St. John’s University recently sold its property at 101 Murray Street, and the City University of New York recently sold its property at 20 East End Avenue. Both will lease newly renovated space instead.

While non-profits face eroding government income, a strong residential condominium market has lifted the value of commercial property. The result is high-value, profitable transactions for both commercial property owners, such as established non-profits, and residential real estate developers.

If your non-profit or other organization is considering leasing commercial property in New York City, Long Island or the surrounding area, it’s important that your full rights and interests are represented and protected in your lease contract. Issues to consider include:

  • What will the monthly lease cost be and how will its exact amount be determined?
  • Who will pay for utilities?
  • Who will pay for renovations and improvements?
  • Who will pay for maintenance?
  • How will disputes be resolved?
  • What are potential points of conflict and how can they be addressed and resolved before a dispute arises?
  • How will conflicts be resolved: through mediation, arbitration or litigation?

The attorneys of New York City and Long Island law firm Harras Bloom & Archer LLP have represented countless clients in commercial lease negotiations and commercial lease disputes. Our services include:

  • Fully assessing property conditions, code, zoning and municipal approval issues, market lease rates, and other issues, then aggressively representing client interests throughout lease negotiations.
  • Zealously assisting clients in avoiding lengthy litigation proceedings; aggressively representing clients in mediation, arbitration and litigation proceedings when lease disputes arise.

Lease disputes and challenges may involve property conditions, unpaid lease payments and other issues between the tenant and landlord, or may involve challenges involving the city or another government entity. As a full-service real estate law firm, we can handle all issues faced by your organization relating to land use, commercial leases and property, as well as land lease and purchase transactions.

For more information regarding our real estate and lease legal services, contact Harras Bloom & Archer LLP at our Melville, Long Island office at 631-393-6220 or our New York City office at 212-922-9545.

Harras Bloom & Archer LLP is known for providing sophisticated legal representation to sophisticated clients serving Nassau County, Suffolk County, Queens County, New York City and surrounding areas.

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