We are seeing a significant uptick in reviewing and negotiating commercial leases. For those who are new (and not so new) to the Manhattan office leasing scene, you need to be aware that the market and leasing terms and even the forms of lease used are unlike many other commercial real estate … [Read more...]
New York Lease Law’s Office Tenant’s Top 9 Leasing List….It ain’t Kansas
July 15, 2019 by Leave a Comment
New York State Property Taxes Going Up
April 9, 2019 by Leave a Comment
Close by June 30, 2019 to Avoid Increase The 2020 New York State Budget Bill will include an increase to the New York State Transfer and Mansion taxes. These changes will affect real property in New York City and all other New York State cities with populations of over one million. In addition … [Read more...]
New York Lease Law’s Office Tenant’s Top 9 Leasing List
March 20, 2018 by Leave a Comment
We are seeing a significant uptick in reviewing and negotiating commercial leases. For those who have never leased commercial office space in Manhattan, you need to be aware that the market and leasing terms and even the forms of lease used are unlike any other commercial real estate market in … [Read more...]
The Dirt Dictionary: ‘S’ is for SNDA
May 24, 2017 by Leave a Comment
In the universe of agreements that can protect a tenant’s fundamental right to life, liberty and undisturbed tenancy—at least until the end of the agreed upon term—one of the most important is the SNDA: Subordination, Non-Disturbance and Attornment Agreement. In our scenario, the building has … [Read more...]
The Dirt Dictionary: ‘C’ is for Co-Tenancy
May 24, 2017 by Leave a Comment
With ICSC deal making just behind us, I was looking to write about a complex, heavily negotiated, not freely given by landlords and potentially disastrous in its consequences to the overall fiscal health of a shopping center, clause and one easily hit every button. Namely, co-tenancy. Co-tenancy … [Read more...]
The Dirt Dictionary: ‘F’ is for Food Halls (Please Don’t Call It a Food Court!)
May 24, 2017 by Leave a Comment
Going out for a casual lunch ain’t what it used to be… and that’s good. This is in large part due to the superheated growth of the food hall concept with its diverse offerings and a side of millennial communal interaction. A simple definition in today’s day and age would be: a commercial space with … [Read more...]
The Dirt Dictionary: ‘R’ is for Recognition Agreement
May 24, 2017 by Leave a Comment
Last month we talked about the SNDA (subordination, nondisturbance and attornment) agreement, a device by which a tenant can protect its leasehold interests from termination by a defaulting landlord’s foreclosing lender. Today we look at a sister agreement, this one in the context of the … [Read more...]
The Dirt Dictionary: ‘T’ is for Tenant Improvement Allowance
May 23, 2017 by Leave a Comment
Yes, you know this, but this column is a dictionary (of sorts), so let’s define a TIA—tenant improvement allowance—as the amount of money a landlord will give toward preparing a space for occupancy and delve into it. Typically, a TIA is stated either as a per-square-foot amount or a fixed sum. Any … [Read more...]
You’re a “Good Guy”… What Does That Mean and What’s It Going to Cost You?
December 18, 2015 by Leave a Comment
A few years ago, I wrote a piece speculating that while the term was ubiquitous in our leasing community, no one knew what a standard good-guy guarantee looked like. That didn’t surprise me as I concluded there was no such animal. It all depends. In this column, I’d like to revisit that question and … [Read more...]
What Does It Mean to Be a ‘Good Guy’ and What’s It Really Going to Cost?
December 18, 2015 by Leave a Comment
Last week, we took a look at the evolution of lease guaranties from full-blown general personal guaranties to the limited, now favored “good guy” guaranty. In a nutshell, a good guy guarantor stepped up to the plate to assure the landlord that the space would not be milked for rent, and the quid pro … [Read more...]
Surprise! Your Letter of Intent is a Lease
December 18, 2015 by Leave a Comment
The Letter of Intent, or LOI, has become ubiquitous in New York leasing, especially in larger transactions where the document itself will be of substantial complexity. It’s used to initiate transactions and is designed to set forth in some cogent way the terms and conditions of the proposed … [Read more...]
The Dirt Dictionary: ‘L’ is for Lease (Or Maybe It’s a License)
December 18, 2015 by Leave a Comment
Lease or license, and what difference does it make? I know many see a license as some more casual type of rental, but does it really make any difference? I mean in our scenario we’re just looking to lay-off a few offices until needed...[Read More...] … [Read more...]
The Dirt Dictionary: ‘E’ is for Estoppel Certificate
December 18, 2015 by Leave a Comment
With props to Rodney Dangerfield, some legal documents just don’t get no respect—or at least are not regarded with the importance deserved...[Read More...] {This is considered Attorney Advertising by some Bar Associations. Prior results do not imply future similar results. Communication … [Read more...]
Breaking Your Lease? Beware the Ghost of Holy Properties v. Kenneth Cole Productions
December 18, 2015 by Leave a Comment
In this edition of Dirt Law I’m looking at the distinct financial peril assumed by a commercial tenant who prematurely vacates its space and simply depends on the landlord to promptly re-rent and so mitigate its losses...[Read More...] … [Read more...]
The Dirt Dictionary: ‘N’ is For Notices
December 18, 2015 by Leave a Comment
From the mundane notice concerning window cleaning to a notice of default for nonpayment, the boilerplate notice clause in the lease has to be strictly followed to make the notice effective...[Read More...] … [Read more...]
The Dirt Dictionary: ‘E’ is for Exclusives
December 18, 2015 by Leave a Comment
There is a special symbiotic relationship between shopping center landlords and tenants, with each looking to the other to promote the “product.” But negotiations of lease terms are often contentious. With NY’s National ICSC in full swing, let’s look at one unique-to-retail hot-button benchmark: … [Read more...]
The Dirt Dictionary: ‘C’ Is for Co-Tenancy
December 18, 2015 by Leave a Comment
There is a special symbiotic relationship between shopping center landlords and tenants, with each looking to the other to promote the “product.” The same holds true for the tenant and other tenants of the shopping center. Let’s look at one unique-to-retail hot-button benchmark: co-tenancy … [Read more...]
The Dirt Dictionary: ‘M’ is for Medical/Dental Office Leasing
December 18, 2015 by Leave a Comment
With Obamacare dominating the headlines, doctors (yes, and dentists, too) have gotten more than their fair share of publicity lately. For those of us in commercial leasing, that also brings to mind the business of running a medical or dental practice and the need for suitable office space—a lease … [Read more...]
The Dirt Dictionary: ‘F’ Is for Franchise Leasing
December 18, 2015 by Leave a Comment
The franchise has become ubiquitous throughout the country and the world and, yes, even in cosmopolitan New York. Some recent statistics may be worth citing: There are an estimated 1,500 different franchisors (franchise business companies) operating in the U.S., employing more than 8 million people … [Read more...]
The Dirt Dictionary: ‘F’ is for Force Majeure
December 18, 2015 by Leave a Comment
Sandy taught us a dramatic lesson as to nature’s vagaries and the sanctity of our commercial “home.” The force majeure clause stands high in the pantheon of mostly overlooked boilerplate provisions, but that –as many have found out to their chagrin—is a big mistake...[Read More...] {This is … [Read more...]
The Dirt Dictionary: Shopping Center Exclusives
June 14, 2012 by Leave a Comment
Tips and Traps for Owners and Tenants by Jeffrey A. Margolis There is a special symbiotic relationship between shopping center landlords and tenants, with each looking to the other to promote the "product." But negotiations of lease terms are often contentious. With RECON in full swing, let's … [Read more...]
Legal Matters: Kronish Lieb v. Tahari and the Case of the Holdover Tenant
December 29, 2011 by Leave a Comment
November 21, 2011 The Commercial Observer While I’m not looking to take business from the mouths of the real estate bar, let’s face it: if you’re serious about being a player in this real estate game, there’s a fundamental body of law you must be familiar with. And the court’s interpretation and … [Read more...]
Your Landlord Financially Challenged? How to Protect Tenants, Subtenants and Brokers
September 29, 2011 by Leave a Comment
The scene: Midtown office of a midsize ad agency. The dramatis personae: Company’s VP for operations, attorney and broker. The discussions to this point: On the table is a draft term sheet for a 15,000 rsf lease at a rent which is 20 percent lower than tenant is currently paying; also a $42 per rsf … [Read more...]
Guerilla Leasing Tactics for the Space-Challenged Tenant
September 29, 2011 by Leave a Comment
I recently gave a Continuing Legal Education (CLE) lecture and called it “Guerilla Leasing Tactics for the Space Challenged Tenant.” I thought Commercial Observer readers might enjoy listening in. The Program Preliminaries [Embarrassingly over-the-top thank-yous and kudos to all concerned for … [Read more...]
The Dirt Dictionary, Part I: How to talk the talk of shopping centers
September 29, 2011 by Leave a Comment
SHOPPING CENTER: A group of retail and other commercial establishments that is planned, developed, owned and managed as a single property. On-site parking is provided. The center’s size and orientation are generally determined by the market characteristics of the trade area served by the center. The … [Read more...]
The Savvy Restauranteur: Exit Strategies in Leasing (2007)
September 12, 2011 by Leave a Comment
THE SAVVY RESTAURANTEUR—EXIT STRATEGIES IN LEASING Tips and traps for the owner and restaurant lawyer OR 134 legal and practical pointers, tips and principles every restauranteur (and leasing lawyer) must know AS… sooner or later your client restauranteur will want to sell the business and cash … [Read more...]