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At the law offices of David J. Aronstam, we specialize in all types of commercial, residential & corporate real estate law. Since 1992, we have delivered the highest quality legal services to clients from all over the country. We also have decades of experience in all areas of litigation, Trusts & Estates law, Family law, Business law, Matrimonial law and many others.
Admitted as a Barrister in South Africa in 1980, Mr. Aronstam has been practicing law in New York since 1984. From 1984 to 1992, he was an associate at McLaughlin & Stern, a prestige boutique engaged in a general civil practice which was formed in 1896. While at McLaughlin & Stern, he worked in all the departments of the firm and gained hands on and in depth experience in all areas of the firm’s practice which included civil litigation, real estate, securities law, corporate law, trust and estates and health care law.
In 1992, Mr. Aronstam started his own firm as a solo practitioner and have practiced without interruption since that date. He was counsel to Mandell, Freedman & Mandell, the premier commercial leasing boutique in New York City from 1992-2000.
“As a real estate lawyer, I believe that the integrity of my law practice is based solely on putting my client’s interests above all others. I am fully responsive to all my client’s needs and requests and base my fees around what will work for the client in the long term. I believe in building solid long-term relationships, rather than doing single items of work for each client. I am working hard to change the negative image so justly earned by the legal profession in this country.”
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Deciding whether to buy or rent an office in Manhattan is not made by a “one-size-fits-all” perspective. You have to determine square footage, cost, future growth, space for employees, and industry needs. Also, you have to know your position and if you have the capital to buy a place of your own.
Location is crucial. Know your target market, demographics, and their locations. Geographic needs may limit your options for buying or leasing commercial real estate.
Lastly, you will ultimately have to face legal issues during the process, such as negotiations, paperwork, and contracts. Working with a real estate attorney for office purchases in Manhattan will make the process a lot less confusing and leave you feeling like you made the right choice to buy or rent.
Over the next few sections, take a look at some key differences in buying or renting an office space, as well as the benefits and drawbacks of each element.
When leasing or buying an office in Manhattan, you’ll have to negotiate and sign a contract. Being really specific about your needs will give you less negotiating room with the property owner. Leases can range from 1 to 5 years, and the majority of them are renewable.
Pros of Leasing:
Cons of Leasing:
When purchasing an office in Manhattan you’ll most likely want to have a Special Warranty Deed issued. It protects you against liability for debts or damages caused by the previous owner.
Pros of Buying:
Cons of Buying:
As with any major decision, hiring a professional that is looking out for your best interests can save you money, time, and future stress. A real estate attorney for office purchases in Manhattan can share his or her knowledge about the local neighborhoods that will be right for your business.
Give us a call at (646) 759-0400 or send us a message at the law offices of David J. Aronstam. We can arrange for a free, no-obligation consultation to help you gain clarity during the decision-making process.
Signing an office lease in manhattan requires attention-to-deal on part of the renter. This type of lease is generally long-term and can last for 5 years or more. An office lease is frequently the second-biggest monthly expense after payroll.
Plus, the rights and restrictions specified can have a significant impact on your capability to expand, contract and relocate. As you can see, things can quickly go “off the rails.”
The point is that any misstep can be devastating and costly. Instead of crossing your fingers, take a look at a few tips that may help you avoid future issues.
Hopeful entrepreneurs should give 6 to 12 months to sign an office lease on 10,000 square feet and 9 to 18 months for larger spaces. Preparation is required for complex steps in any move for:
There is no such thing as a “standard lease agreement.” Most landlords have their own interests in mind when they draft a lease. The financial terms and legal arrangements of the majority of office leases are complex. You’ll need a skilled real estate attorney that is licensed to practice in New York to help you navigate unique issues.
The physical condition of your business’s space can significantly affect your business operations, and you have to safeguard yourself. In addition to examining the proposed lease, your real estate lawyer can confirm that the building’s zoning will allow your business to perform as usual.
Prospective renters should avoid solely focusing on rent and other payment terms – other crucial office lease elements can be far more critical to the future of your business. It is very important to ask the following questions:
If a lot of this sounds like a lot to remember (on top of everything else), take the time to set-up a meeting with a real estate attorney for office leases in Manhattan. He or she will be able to cover your bases and work in your interest. The lawyers at Aronstam Law can take a look at the proposed lease and provide guidance based on your business’ needs. Call or email us today for a free, no hassle consultation.
What are some good negotiation tips for store leases in manhattan? Getting into a new storefront rental can be an exciting and stressful time. On one hand, it’s fun to imagine the purpose for each space; on the other, it can be frustrating to work out the lease agreement after finding the perfect location.
Negotiation is an important stage of signing a store lease in Manhattan. You don’t want to pay too much or find hidden terms that are nearly impossible to meet later on.
In this article, we are going to look at 5 tips for negotiating a better lease and how a real estate attorney for store leases in Manhattan can become an invaluable asset to the process.
After finding an ideal space, discuss the length of the store lease with the property owner prior to completing a commercial rental application. This will ensure that you are both on the same page prior to taking more advanced steps.
A reasonable length of time for a store lease in Manhattan is generally one or two years for small businesses. An ‘option-to-renew’ provision is often included as well.
More cautious renters can opt for a shorter lease if you aren’t entirely convinced that the place is for you. The down-side is that a location dependent, retail store relies on consistency and foot traffic.
The amount you pay is an important consideration in a store lease agreement across targeted Manhattan neighborhoods. Do your homework and know exactly what it is going to cost in your area so you can work out a fair rate.
PRO TIP: Negotiating lease renewals consist of specifying rent increases, so you won’t have any surprises ahead.
Your lease may be a “gross lease,” where all costs are consisted of, or a “net lease” where there are costs in addition to your lease. Numerous business leases make the occupant accountable for costs such as upkeep or maintenance in public areas.
Ask if your business will be responsible for any additional expenses. Work out caps on these amounts or negotiate an all-inclusive lease agreement. It’s also a good idea to ask how utilities are metered.
Contracts can contain a lot of hidden information. Speaking with a real estate attorney for store leases in Manhattan will help you find them.
Ask for modifications to the lease that will benefit you. You may want to ask for a provision that limits the owner from renting out any other storefront on the premises to a business similar to yours.
Make sure you look at the stipulations that pertain to default or termination of the store lease unexpectedly. It should include firm but fair terms that allow the renter to cure damages incurred by the property owner. Ideally, a negotiation for penalties upon early termination should be made before signing a lease.
By working with an experienced Manhattan real estate lawyer, you will have an ally that considers your best interests. He or she will be able to negotiate on your behalf and point out issues that need attention. Real estate attorney David Aronstam is on his client’s side in important real estate transactions.
Contact us today for a free, no-obligation consultation at (646) 759-0400.
For more information. please visit our main website at Aronstamlaw.com.
Deciding between a short-term and long-term lease is a major decision. Each choice carries its own benefits and drawbacks.
Long-term leases on stores are common in the real estate arena. Property owners try to work out leases of 20 years or more, primarily to control their expenses in the long run. Short-term leases are ending up being more common as sellers look to test merchants and markets prior to making a longer commitment.
A real estate attorney for store leases in Manhattan will be able to help you work through the decision-making process as to what works best for your unique situation.
A property owner may work out a long-term store lease in Manhattan for a variety of reasons. Most importantly, it provides the ability to predict future rental income, which is often the most significant month-to-month expense for tenants. A long-term lease also gives the renter dependability to stay in the same place long enough to develop itself in the neighborhood and build a routine client base.
The main downside to a long-term lease is the binding dedication required. If a retailer locates itself in an area that loses a great deal of customer traffic, it’s stuck until the lease ends. Some merchants alleviate this threat by stipulating that it can break the lease in particular situations. A buyout provision also produces an escape route, permitting a retailer to terminate the lease by making an affordable balloon payment at a certain point in the lease.
Short-term leases are helpful if a retailer wants to experiment in certain markets. It’s important to estimate the expense of utilities, upkeep, commercial rental insurance fees, and possible rent increases. Hopefully, rent will be consistent, given that you’ll likely sign a lease for a fixed-term at a specific amount. Check out the fine print, and be aware of the conditions under which a rate hike could occur.
Short-term leases have possible downsides on retailers. The expense of building out a store and filling it with inventory can be really high and is not quickly amortized over a short-term lease. The marketplace characteristics of a location can change quickly as well.
A store lease in Manhattan might have a longer rental term when renewing a lease after the initial deal was signed. Landlords choose long-term store lease commitments for the simple reason that they don’t have to worry about the commercial property sitting empty anytime in the near future.
It’s not easy deciding between 3 years and 15+ years. Hopeful store lessees need to make the decision that is right for him or her.
Historically, banks have actually been averse to lending capital to restaurants. This has changed considerably. Contributing factors include differences between the restaurant and franchise sectors. Yet, it is still considered to be restaurant financing by banks in general.
Our real estate attorneys to represent banks in NYC offer solid reasons why this has occurred:
The marketplace, in general, has become more advanced. The readily available market data is more powerful and advanced, which allows national and local banks to perform more efficient underwriting.
A loan to a franchise restaurateur can offer a more broad relationship as dining establishments have need for cash flow management, credit services and wealth management for the owners. A more comprehensive relationship enables banks to make considerable returns not limited to interest fees on loans.
A demand in the restaurant financing world for senior debt has a healthy existence. The reasons are:
The franchise dining establishment industry is a dynamic one, where there is constantly a need for senior debt, unlike manufacturing industries or high-tech markets. Consolidation and continued development of franchise restaurants have always been driven by financial obligation.
The value of the franchiser relationship offers a large barrier for loan concerns. The analysis carried out by lending institutions on the franchiser systems is a crucial element here. Advanced evaluation tools make underwriting much easier due to financial viability being more easily understood.
With consumers now spending more on food outside the home, there is a defined customer demand that allows for advancement and growth of new concepts. With private equity associated with this industry, an equity cushion is supplied. This all plays into the capability of banks to feel like they have a good credit position for restaurant lending.
It is apparent that restaurant franchise loans are still alive and well. Plus, banks still see it as an opportunity. Most banks and loan providers are searching for clear specialty markets that have enough demand and customers for relationships to be developed.
If your bank is interested in adding this product to your line of commercial loans, meet with a real estate attorney to represent banks in NYC. He or she will be able to help you plan for negotiations, loan instruments, contracts, systems analyses, and origination, as well as develop the entire program that will protect you and satisfy clients.
Closing costs are the final barrier between buyers and an apartment purchase. It can make up a surprising portion of the total expense. Closing costs are in between 3% and 6% of the mortgage; that’s about $27,000 to $54,000 on a $900,000 apartment in Manhattan.
In this article, we are going to take a look at some strategies that experienced buyers and seller use on a regular basis when purchasing an apartment
Your closing costs are first itemized in the three-page estimate that your lender must produce within after you get a mortgage. It’s a little-known, but some banks will provide a loan estimate form before you request a loan, although it’s not required.
The loan estimate lets you compare overall expenses as well as go into specific costs as soon as you’ve selected a loan provider. Your real estate attorney for apartment sales in Manhattan can help you with this as well.
The bottom of the first page of the loan price quote shows the total closing costs and cash needed to close the loan. These charges include:
Of these costs, you stand to save on the most expensive services: title insurance coverage and settlement services, which are frequently integrated. Comparison shopping among inspectors or property surveyors may not uncover amazing price differences, but it never hurts to ask.
A lending institution may charge a flat fee that combines services such as underwriting and origination, while others charge for each separately.
More importantly, look out for charges with unclear names, such as a “financing fee” or “delivery cost.” If you see these fees, ask your lending institution about them to avoid paying for something you don’t need.
If you’re going to look for title and settlement provider, move quickly. These companies require time for research and document prep. The company your bank recommends might offer great deals due to a negotiated volume discount rate. However, make sure you do your own research online and asked trusted individuals for recommendations.
Depending on the market and the home, a seller may contribute towards your closing expenses. However, inventories are higher these days in Manhattan, and sellers are competing, so it’s likely that concessions can be made.
Working with a real estate attorney in New York can make a big difference in results. People find that they actually save money under certain conditions and scenarios. Work with an effective real estate attorney for apartment sales in Manhattan You don’t really need an attorney who slows down a deal because they do not answer their phone or neglect crucial elements that leave you legally exposed.
One of the most commonly misconstrued topics around buying an apartment in Manhattan is knowing when it’s a good time to introduce a real estate attorney in the process. The short answer: at any time. However, there is more opportunity when planning ahead with a legal professional.
Ideally, you should have a real estate attorney lined up prior to having submitted an offer. Doing so will allow the seller’s lawyer to work out the offer details with yours. This act may also demonstrate seriousness on your part to the seller. If you are a procrastinator or busy-body, you might work with a lawyer after having accepted a deal. At this phase, it’s necessary to work quickly and hire a skilled real estate attorney for your apartment purchase in Manhattan.
First off, you have a lifeline. Your real estate attorney should be responsive to your telephone calls or e-mails. Some attorneys have made it an internal policy to respond to all calls within a 24-hour period at the very latest.
After signing your contract, your attorney will work with your mortgage broker and bank to make sure you get a loan commitment in writing before proceeding any further, as well as assist you in cleaning up conditions and requirements of the loan.
When purchasing an apartment, your attorney will purchase and evaluate the title report. If you are acquiring a co-op, your attorney will buy and review the lien search to make sure that you are buying it free and clear.
Your attorney will also appear at the closing with you, the seller, broker, the bank, and title company. He or she will also notify you of your closing costs and location of the closing. At this point, it is also a good idea to visit the unit one more time to ensure that it is still in the same condition you last saw it. The broker can help you verify that the appliances, electric, and plumbing works, as well.
If there is an issue contact your attorney so that it can be dealt with prior to closing. At the closing, your attorney will review and explain the closing process and documents that you are signing.
Private practice doctors in Manhattan are confronted with a competitive commercial real estate landscape when it comes to finding the right location. Then, he or she needs a lease agreement that covers the practice’s specific needs.
In this article we are going to take a look at what makes medical office leasing in Manhattan so unique, special considerations when property hunting, and the pros and cons of leasing or buying.
One of the biggest distinctions between medical offices and other types of business is that medical offices tend to stay in the same location for long time periods. Competition for clients is stiff, which means that medical offices are not bound by proximity requirements to large hospital campuses, especially in Manhattan.
It’s for these reasons that make medical office leases so unique. When a physician or physician’s group leases an office, the lease contract will typically be much longer than an agreement used by normal commercial tenants. Prior to signing anything, consider have a real estate attorney for medical office leases in Manhattan review the terms.
Like any commercial real estate search, finding an ideal location for a medical office takes some time and money. A commercial real estate attorney in Manhattan knows where to look, how to negotiate, and what the lease agreement needs to specify
Some unique concerns that should be raised when writing a lease agreement for a medical office. These concerns include:
Landlords tend to use contract templates they found online or drafted with an attorney a decade ago. Then, they fill in the blanks. Make sure you definitely bring this to a medical office lease attorney first.
A practice will purchase or rent an office depending upon an array of elements such as the practice’s future needs and short-term objectives. Funding can be a significant problem as it pertains to making a choice between buying or leasing.
Usually, a practice that buys a medical office will try to offset the costs of the purchase by renting unused office spaces to complementary doctors. This thinking is logical and sensible. However, it rarely ever happens that way. Most doctors do not have the time to be a landlord on top of their medical duties. Therefore, many doctors find that leasing medical office space is more manageable for their schedule and budget.
Instead of managing it on your own, your Manhattan medical office can work with a real estate attorney in developing a lease. At Aronstam Law, we understand what physician’s go through in the business landscape; we’re here to help you find a satisfactory resolution.
Call our office or visit our website for a free, no-obligation consultation.
At times, there are many good reasons to terminate a commercial lease in Manhattan. One common factor is when a business is working through a rapid growth stage and a relocation is essential for growth. This situation requires an evaluation that determines whether you can lawfully break an existing commercial lease.
Preparation is critical before signing any commercial lease. Make sure that you negotiate a reasonable opportunity to exit the lease in case of having to leave the existing property in order for the business to succeed. It may not help to hear that now in this situation, but it is always good to know you have that bargaining power in future endeavors.
An exit stipulation should be customized to your needs and a reflection of where you see your company in the future. This part can get a little tricky, so it would be a good idea to speak with a real estate attorney for commercial leases in Manhattan.
Further, you can always propose a much shorter lease term if you anticipate your business quickly outgrowing the location.
When you are currently holding a commercial lease, bite the bullet and respectfully ask the property manager if you can break it. Depending upon the industry, the owner might agree to your proposal and decide to bring in a new tenant. Again, the feasibility of this happening depends on many things include location, demand, and general timing.
There are always alternative solutions, and negotiation is always on the table for discussion. For instance, the commercial landlord might be open to a buy-out where you work out the payment for the rest of your tenancy.
A commercial real estate attorney can use specific tactics to amend a commercial lease. The first step is to have him or her review the existing one to uncover opportunities to amend. If the relationship with your landlord is good and demand is high, the lease can also be re-written for an earlier exit preemptively.
Another solution is to offer finding a replacement tenant at your expense. While the owner is not obligated to take the proposed replacement, it demonstrates good faith.
Finally, you might have to break the lease and leave early. Sure, your property owner can sue you for the unpaid future rents, but some commercial leases hold a duty to mitigate damages. This means that your landlord must actively look for a replacement tenant immediately and not try to stick you with lost rent claims.
Walking away should always be the last option and originate from absolute necessity. Just remember that you have options when breaking a commercial lease.
These situations can be arduous and complicated. Always consult with a real estate attorney for commercial leases in Manhattan, like Aronstam Law. We can help you read through your documents and develop the right clauses and stipulations that keep your business healthy and in the right space.
A commercial sales agreement is a vital part of closing the property transaction. The agreement acts as a map of the entire understanding. A correctly negotiated sales agreement will address concerns that occur between actions due to the fact that the deal continues at closing and exchange of the title.
Due to major investments made when engaging in a Manhattan commercial sales transaction, it is important to make sure that you are using the right commercial sales agreement form. A real estate attorney is vital in this situation, as he or she can draft and file the legally-binding documents while keeping you apprised of concerns all the way through closing.
When developing a commercial sales contract in New York, there are many documents that must be made, up-front, to the seller before he or she buys the home, including lead paint disclosures, promissory notes, power of attorney, and other relevant items. A licensed real estate attorney for commercial sales in Manhattan will be able to help you with this part.
Commercial sales agreements are sales contracts to acquire commercial property. It can also be referred to as a “contract for deed” or land agreement. The purchaser usually obtains a commercial mortgage and repays the bank in installments on the note. There are other types of financial instruments and strategies that are used for the procurement of commercial real estate from another party.
Since commercial investments have large capital requirements to fulfill, owners may offer a lease sales agreement, where the purchaser makes payment to the owner as agreed to in the contract. It’s along the lines of “rent-to-own,” only for the commercial landscape. The owner might also offer this to a buyer if he or she could not get approved from a mortgage with a commercial bank.
A letter of intent is described as an initial offer that mentions the principal phases for a final written offer of purchase and sale. If the letter of intent comprises the important phrases and situations considered, the court can state that the letter of intent is a binding agreement.
It has been held that the reality of the letter of intent is not binding and is simply a “jumping off point” to agree on preliminary discussions and work out the details in good faith and fair dealing.
A proposal is needed to acquire an offer. It needs to be crafted uniquely for the property desired, its purchase value, the date of closing, and other events deemed appropriate. Individuals, who can agree to a proposal, is up to the seller, not the buyer. Nothing is considered to be a binding agreement until completion of the entire transaction.
If you have found yourself need legal or professional counsel in matters of commercial real estate, speaking a real estate attorney for commercial sales in Manhattan.
Aronstam Law is ready to hear about your situation and what types of solutions can be offered. Contact us today for a no-obligation consultation.