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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.”
Residential Real Estate Transactions
Commercial Real Estate Transactions
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Trust & Estate Administration
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.
Rental property owners have a basic procedure and remedy under the law when hoarding issues become a violation of the lease agreement. However, condo apartment owners cannot evict a resident based upon how they keep their home. Board members must take care to balance the requirements of the community as a whole against the privacy rights of anyone engaging in hoarding activities.
Fortunately, condo apartment owners in Manhattan aren’t powerless when it comes to fighting the risks associated with hoarding. A condo apartment association has legal grounds to lodge a complaint when a repeated combination of the following scenarios occur:
Getting involved too early, when there is no visible health or security problem, can expose the board to liability. The rule of thumb is that if the hoarding does not threaten or impact other units, condo boards may have to comply with reasonable accommodation laws like any other disability.
Condo apartment boards do not have rights of entry like normal landlords. However, due to their nature, condo associations are more permissive of entry than ssinglefamily HOAs. Either way, speaking with a real estate attorney for condo apartments in Manhattan is probably the best ways to find out inspection and entry options for board members.
Severe cases allow for the condo board to petition the courts for an order granting access to the unit.
Every action as a board must be reinforced by documentation as mandated by Manhattan and New York State laws. Ensure that all documents contain the language that specifies when hoarding ends up being a problem and authorizations for the board to intervene.
The best way to legally monitor things is to require an annual code inspection of the unit to inspect certain elements of the condo, like fire sprinkler systems. This will help condo owners acquire information about potential hoarding activity.
As stated above, a real estate attorney for condo apartments in Manhattan can provide a customized solution for your unique situation. However, it’s normally okay to offer the following to the dweller in good faith:
The board of a condo apartment building should never take it upon themselves to force someone to remove the personal property from the home, no matter how disgusting. If your Manhattan condo board needs to discuss a hoarding situation with a real estate attorney, then you should contact Aronstam Law. We have many years of experience in looking out for people like you.
Manhattan property owners having an important looming deadline this month when it comes to all Class A buildings of three families or more to enact a finalized “smoking policy.” The clock has been ticking on compliance with the new ban since last year. The last day to adopt its requirements is August 28, 2018.
Over the next few sections, we are going to examine what co-op apartment owners and boards need to be aware of about this important legislation.
The law defines a smoking policy as any written statement in plain sight that smoking is restricted on the premises of multi-unit property; co-op apartments are included in this as well. The current law provides that common areas are already prohibited smoking areas, so this new law includes:
The law does not apply to regulating a property owner’s decision to allow smoking inside of the unit. It may push them to prohibit smoking altogether. However, the language of your co-op’s lease and by-laws may make matters more complicated.
In general, changing the proprietary lease needs a super-majority vote of all shareholders in favor of making those changes. The same scenario could apply to the by-laws as well. Working with a real estate attorney for co-op apartments in Manhattan. He or she could check to see how much “wiggle room,” if any, to change the existing smoking policy of individual apartments.
Property owners should keep in mind that, if their co-op board met its due diligence requirements, then it may not be able to move forward.
The trend is shifting toward co-op building boards voting for a 100% smoke-free environment. Real estate lawyers that represent co-op owners in Manhattan believe the change is due to preference for clean air and green living. This is further highlighted by the fact that tolerance for next-door neighbors, who smoke, is at an all-time low.
The NYC Health Department favors the new law, particularly after learning that 49% of locals have reported smelling smoke from other units or on the street while spending time at home. A 2016 survey reports that smoking fell from 16.2% in 2011 to 11.5%. The housing authority put their ban in place at the end of July as part of a federal rule modification.
As far as action that might be taken against offending buildings after the ban is in effect, co-op boards can impose fines or obtain a court-ordered injunction against the owner in question. The can also cancel the lease allowing the non-compliance shareholder to stay in the unit until eviction.
Speaking with a licensed, real estate attorney for co-op apartments in Manhattan can help boards and owners work out disputes and issues of non-compliance. At Aronstam Law, we can help you and your board understand the legal basis for municipal policies and compliance resources available.
Contact us today for a free, no-obligation consultation to discuss your real estate issues.
For those that are buying or selling property, the services of a real estate lawyer are crucial. Real estate transactions are very important and there is a lot of legal work involved. In order to ensure everything runs as smoothly as possible, it is important that you have the right legal assistance from an expert with plenty of experience when it comes to real estate transactions.
Whether you are buying or selling a home, you need to make sure that you get everything right when it comes to the legalities otherwise you could face huge problems in the future. By finding a suitable real estate lawyer, you can benefit from invaluable assistance as well as peace of mind.
When you are looking for a real estate lawyer to help with your any type of real estate transaction, there are various factors that you should consider before making your choice. Some of the main ones include:
If you want to benefit from the services of the best real estate lawyer in NYC, simply pick up the phone and contact us today. We will be delighted to book you in for an initial appointment.
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Buying your first home and putting your foot onto the first rung of the real estate ladder can be extremely exciting. Whether you are buying a property on your own or with a partner, you will be able to look forward to a whole new chapter in your life and enjoy a taste of real independence. However, people that are buying their first home often get carried away with all of this excitement and forget to take important factors into consideration.
Before you start searching for your first home or applying for a mortgage, there are various things that you need to look at. This will ensure that your purchase is going to be viable and that you are not putting yourself at risk of losing the property that you purchase.
One of the key considerations when you decide to purchase your first home is finances. You need to make sure that this is something that you can realistically afford because otherwise you could end up losing the property due to non-payment of the mortgage. You should assess your income and that of your partner if applicable so that you can work out whether you can afford the mortgage payments comfortably. You will find plenty of mortgage calculators online that you can use in order to determine this.
You also need to factors household bills into the equation, particularly if you currently live with parents and therefore do not have to deal with bills. Make sure you get an idea of the cost of utilities, broadband, and other essential services at the property. In addition, make sure you take into consideration things such as the cost of weekly groceries, homeowner insurance, any financial commitments that you already have, and even the cost of travel or running a vehicle if applicable.
Another thing you need to look at is how much you can afford to put down on the property in the form of a down payment. Many people have to save up for years to get a decent deposit together, so you will generally need to have a pretty decent amount. The down payment levels will vary based on the lender that you choose. Finally, don’t forget about additional fees such as surveys and legal fees, as these will also have to be taken into consideration in order for you to assess affordability.
If you are looking for an experienced professional with competitive pricing, you can speak to the best real estate lawyer in NYC today. Simply give us a call and we will be happy to assist.
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Over recent years, many property purchasers have decided to opt for a smaller home rather than go for one with lots of room and spare space. This is a trend that has been growing over the last few years, with many people deciding that there are other factors that are more important than having a huge sprawling property – particularly in cases where they do not really need all the extra space.
While smaller properties were once out of favor, we have now come to realize that there is actually quite a lot that you can do with a smaller home. There are many interior design shows and blogs that show you have to transform smaller spaces to make them look stunning.
Buying a smaller home can benefit you in a number of ways, which is why a lot of people are now interested in these properties. The first benefit is affordability, with smaller homes generally being far more affordable than huge ones. Many buyers prefer to have a property that is affordable and have some money left in their banks rather than spending every cent on purchasing a property and then struggling to maintain the mortgage payments simply for some extra space.
Another key benefit is that a smaller property is much easier to maintain, which is ideal for those that have busy lifestyles and don’t have time to keep a large property spick and span. You will find cleaning and maintaining a smaller property much easier. However, you also need to consider the costs involved. For instance, heating a larger property in the winter can cost a fortune in energy bills whereas a smaller home is much easier to keep warm without being hit with huge bills.
Also, a lot of people are now more interested in the location of the property rather than the size. For many, having a smaller property in a desirable area is far better than having a bigger home in a more questionable area.
There is no doubt that a smaller property can be a very smart move if you do not necessarily need additional space due to the size of your household. It can save you a lot of money, time and inconvenience.
If you have found a small property that you want to purchase, you need to have legal assistance to get the purchase completed. By contacting us today you can benefit from the services of the best real estate lawyer in NYC.
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Many couples purchase larger family homes because of the number of people in their household. If you have kids that are all different ages, they will want to have their own bedrooms and privacy, which is why a larger family property is the most practical solution. However, as you get older and your kids become adults, one by one they will fly the nest. Some will head off to university while others will become independent and move into their own properties.
While this means that you can finally look forward to some peace and quiet as well as quality time, it also means that you may be left in a huge family property when there are only two of you living there. This is why a lot of older couples decide to downsize once the kids have left home.
Why you should consider downsizing
If you are living in a large property, there are many reasons why you should consider downsizing once the children have grown up and left home. For starters, you probably don’t want to be rattling around in a large property when there are only two of you left because you will just have a lot of unnecessary space that you never get to use.
You also need to think about finances. If your mortgage is all paid off by the time the kids leave home, you could be sitting on a little goldmine based on the value of your home. By selling up you can get the money for your property, invest some of it in buying a smaller property that better suits your needs, and still have plenty left to put into your bank account. The difference between the value of a large family home and a smaller property suitable for one or two people can be huge, so you could make an impressive profit.
In addition, you need to think about the cost of maintaining a larger property compared to a smaller one. Do you really want to be forking out on heating bills and other maintenance costs for multiple rooms that are not even in use? Cleaning a larger property is also far more of a challenge, and this is the last thing you need as you get older. Downsizing means that you can get a property that is far more affordable to maintain and much easier to keep clean.
If you are looking to sell your larger property and purchase a smaller one, you need to enlist the help of a legal expert. Call us today for expert advice from the best real estate lawyer in NYC.
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We all look for security in our lives, and financial security is one of the most important areas. This is something that we achieve in different ways, from working our way up the career ladder to making shrewd investments. One thing that many people decide to do is invest in real estate, as this is something that can yield an impressive income for them for years to come.
So, what is about real estate investing that makes it such as popular option? Well, real estate investment comes with many benefits and you can enjoy making a very healthy profit with the right investment.
There are various ways in which you can make a healthy profit on your investment property. If you are looking to make a short term profit, you can snap up a property at a bargain price by going to auction or looking for homeowners that are willing to sell at a much lower price in order to secure a quick sale. Once you have completed the purchase, you may need to invest some money on getting any repairs carried out and making improvements. When all work is completed, you can put the property back up for sale but at a far higher price than the amount you paid for it.
If you want to benefit from longer term profit and security, renting out the property that you invest in is the way to go. As long as your rental property is in a decent area and is in good condition, you should have no problem finding tenants because there are many people who are looking to rent these days. You can then look forward to a regular rental income from your tenants and this is something that you can enjoy for many years to come. Also, don’t forget that at the end of the day the property is yours so you will still be able to pass it on to your family or sell it on.
No matter which of these options you choose, you will be able to make an impressive amount of money on your investment property. You can even build up a portfolio of properties over time and make a profit on each of them by improving them and selling them on or by finding tenants and renting them out.
If you are purchasing an investment property, you need to make sure that all of the legalities are covered. You can expert assistance with this from the best real estate lawyer in NYC by getting in touch with us today.
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