As values of New York commercial real estate continue to rise, many building owners are putting their properties on the market early, often scrapping plans to redevelop the building or sign up new tenants. In some cases owners who purchased a property less than a year ago are looking for buyers.
For a New York commercial tenant, obtaining and keeping a lease is critical to the success of the business. Losing a commercial lease through forfeiture based on an alleged lease violation can threaten a business's survival. To make things worse, when a landlord threatens to terminate the lease or serves a notice to cure or notice of default, the tenant may have only a matter of days to resolve the problem before facing eviction.
New York City has a large number of rental properties, both residential and commercial. As we have discussed in a previous post, a well-drafted lease is essential to reduce the risk of misunderstandings and disputes. But, when one party alleges a breach of the lease by the other party, or when a tenant fails to make timely rent payments, seeking relief through litigation is sometimes the only answer.
A real estate development can have an incredible impact on the feel of a neighborhood. With the right development in place, a neighborhood can become more vibrant and attractive. A well-planned development can attract new residents, businesses and entertainment venues. On the other hand, a real estate dispute has the potential to rip a neighborhood apart. When a development deal goes south, the entire feel of a neighborhood can go with it.