In New York's booming housing market, both landlords and tenants are under a lot of pressure. Both sides may be unsure about the extent of their obligations to each other and the rights they have when something goes wrong.
Residential foreclosures became a topic of national importance during the recent recession. While foreclosures of commercial property did not become a national issue, they take place on a regular basis in New York and around the country. When owners of commercial real estate face foreclosure by a lender, they should keep in mind that they do have rights under New York law.
The historic office tower at 230 Park Avenue, commonly referred to as the Helmsley Building, has been sold for $1.2 billion. The deal is one of the biggest Manhattan office building transactions in recent years. The 34-story building sits astride Park Avenue just north of Grand Central Station. The tower was constructed in 1929 by the New York Central Railroad Company and served as its headquarters for many years.
In New York, when ownership of real estate is conveyed from one person or entity to another, the conveyance is accomplished by means of a deed. The deed contains a legal description of the parcel conveyed, identifies the buyer and seller, is signed by the seller and notarized.
Negotiating favorable lease terms is critical for any New York business. Whether the leased space is in an office building, a warehouse or a shopping mall, lease payments represent a substantial expense for the business. Making sure the business gets good value and fair treatment in return is the goal of commercial lease negotiation.