Commercial real estate in New York is a high-stakes business. With so much on the line, you need legal counsel with a sophisticated understanding of the law that applies to your transaction.
Times Square has long been a prime location in the world of New York commercial real estate. Whether it is for the construction, remodel, sale or lease of a building, contracts and agreements are drafted to ensure these actions are carried out properly. Although a legal document helps detail an agreement, disputes could still arise among the contracting parties.
Lower Manhattan is becoming a popular choice for businesses seeking to relocate. Downtown's commercial property market recently saw a major deal finalized, as BNY Mellon signed a lease for 350,000 square feet of space at 225 Liberty Street, on the site of the former World Financial Center. BNY Mellon is relocating to the site from its old headquarters at One Wall Street.
Manhattan or Brooklyn? There was never a question, according Etsy's chief executive. The e-commerce business, which focuses on vintage and handmade products, currently operates out of an 80,000-square-foot property on Washington Street in Dumbo. Now the company has signed a lease in the same neighborhood, only this time for 200,000 square feet on Adams Street.
Changing business situations can result in a company having major changes in its space needs. Such changing needs can sometimes lead to a company engaging in major real estate transactions. This can be seen in an over half a billion dollar commercial real estate deal that was recently reached in New York City.
According to a lawsuit brought by a business association in East Harlem, the city was late in filing an eviction order against property owners who have held out against a development project. In 2010, a state appeals court ruled that the city had the right to buy out the landowners to move the development forward, but according to the owners' lawsuit, there was a three-year timeframe for filing the eviction order. The city was apparently four months late.
Right now, demand for retail space in New York is especially strong. That is why investors are undoubtedly interested RadioShack's recent announcement that the company intends to close 1,100 U.S. stores. While the exact locations of those stores weren't reported, New York's generally high rents are likely to make many of the city's RadioShack locations ripe for closure.
The recent acquisition of 60,000 square feet of retail space on Williamsburg's waterfront signals that investors continue to show interest in the area's burgeoning commercial real estate market. An investment firm out of Washington, D.C., acquired the retail condo, which is located at the foot of The Edge, a large condominium complex that towers over the East River.
Eviction notices can be difficult to fight, especially when the city is the one pursuing the eviction. An example of the difficulties of fighting an eviction notice issued by the city can be seen through the recent eviction notices sent to roughly 90 small businesses near Citi Field in Willets Point.