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Putting Our Client’s Interests Above All Others

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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.

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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.”

PRACTICE AREAS:

Residential Real Estate Transactions

Commercial Real Estate Transactions

Corporate Litigation

Commercial Litigation

Real Estate Litigation

Matrimonial Litigation

Surrogate’s Court Litigation

Family Law

Trust & Estate Administration

Attorney-Client Issues

Business Law

Points to Consider When Buying a Condo in New York City

legal-points-for-buying-condo-new-york-city-01What are some points to consider when buying a condo in New York city? Rent prices in New York City are astronomical. The average studio rents for over $3000 per month. The price of such an apartment is nearly three times as high as the mortgage on the average home in the United States.

Condos offer a more affordable alternative to renting in the city. With over 35 years of experience, David J. Aronstam stands ready to help solidify the contracts and resolve disputes in your quest for affordable living.

Are there alternatives to renting an apartment in New York City?

attorney-condo-purchase-nyc-02Apartments are expensive. This issue is not new. In fact, price controls from the 1970s targeted the skyrocketing cost of rent. In part due to this, New York City is one of the three most expensive locations in the country. The market devised several solutions to deal with prices for those seeking long-term ownership.

Condos and co-ops are the perfect solution to home ownership. While co-ops reduce costs by over forty percent, they carry strict regulations and place your shares under the control of an elected board. Condos may or may not reduce the price of living. If you are renting from a condo owner, the prices will surely be the same. However, depending on how much you are willing to pay up front, your cost of ownership can be drastically lower.

Buying a condo in New York City

At any given time, there are more condominiums on the market than co-op housing. They provide easy access for certain buyers looking for a permanent home in the city.

Condominiums in New York City are not inexpensive. The average price is nearly $800000. Still, for those with long term plans and a significant amount of capital can capitalize on potentially lower monthly rates.

What laws govern condomiums?

legal-points-buying-condo-nyc-03When buying a condo in New York city, the contract between the buyer and seller establishes price and can help guarantee the condition of the property. As a significant investment, it is necessary to cover every base. Buyers may want certain assurances and sellers want their exchange to work smoothly.

Owners and prospective owners may choose to rent their property as well. Investors are not discouraged from buying a condo as is the case with co-op housing. In this case, the state provides certain restrictions.

Condominium associations are governed by Article 9-b of the Real Property Act. Not every building is automatically considered a condominium under the Condominium Act either. A declaration and bylaws are required by state law.

Any transfer, governance, or obligation is managed by the Real Property Act and state law. Landlords must obtain insurance and offer leases for nearly one year. They must also deal with the condominium association. Rules imposed by the homeowners association are enforceable.

Contract and dispute resolution

Once a contract forms, disputes are not uncommon. Loopholes may cause an understanding to fall apart in court. New York is a four corners state. The contract is taken at face value but loopholes allow intent to take precedence.

I am an expert in resolving disputes without further damaging the relationship between parties. I help buyers, sellers, and associations reach common ground and cover every base in any property transaction.

If you are looking for a property or embroiled in a dispute, I can help. I am an expert New York City property attorney today.

David J. Aronstam
(646) 759-0400

https://aronstamlaw.com/

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Resources

Court Excludes Parole Evidence Where Contract is Complete, Clear, and Unambigouous. Freiberger Haber LLP. 21 Aug 2017.
https://fhnylaw.com/court-excludes-parol-evidence-contract-complete-clear-unambiguous/

IS it Worth Buying a Coop in NYC? Hauseit. 2019,
https://www.youtube.com/watch?v=9drLEEO-SDE&app=desktop

Im, Julius. 7 Important Facts About New York Landlord and Tenant Laws. Avail. 2 Apr 2018,
https://www.avail.co/education/articles/7-important-facts-about-new-york-landlord-and-tenant-laws

New York Property and Real Estate Laws. FindLaw. 2019,
https://statelaws.findlaw.com/new-york-law/new-york-property-and-real-estate-laws.html

New York Condo Association Rules. Griffen and Alexaner P.C. 2018, www.lawgapc.com/practices/community-association-law/new-york-condo-association-rules/

Rent Control. New York City Rent Guidelines Board. 2019, https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-control.page

Sarac, Florentina. Condo vs. Apartment: Which One Should You Choose When Renting? Rent Café. 21Nov. 2018. https://www.rentcafe.com/blog/renting/condo-vs-apartment-which-one-should-you-choose-when-renting/

Segal, Troy. What do real estate attorneys do? Investopedia. 16 Apr 2018,
https://www.investopedia.com/ask/answers/101314/what-do-real-estate-attorneys-do.asp

What is the Difference Between a Condo and a Coop? Law Offices of Craig Delsack, LLC. 2019,
http://www.nyccounsel.com/real-estate-condos-coops/what-is-the-difference-between-a-condo-and-a-coop/

Purchasing a home in New York State

purchasing-home-in-new-york-state-lawyer-01Purchasing a home in New York State is as popular as ever. The allure of Niagara Falls, the call of the Adirondacks, and the siren scream of the big city continue to draw people even as prices drive out some residents. Finding a home in the seller’s market is difficult. The law office of David J. Aronstam helps with everything from contract negotiation to lending.

What is the housing market like in New York?

The market in the state varies drastically. The average number of listings grew by 4.1 percent in the first quarter of 2018 despite a general cooling off in New York City. Median sales prices also grew. The current median price sits at $275,000, a 6.8 percent increase in a quarter-to-quarter analysis.

The market is hot. People come and go, making finding an affordable home difficult. Wealth and the popularity of New York city keep the market from dropping. Forty-eight thousand people left the state in 2018, but that has not phased buyers and sellers, especially in a high-wealth economy.

With the current state of the economy, this trend is not likely to change within the coming months. New York is a financial hotbed. Generally, the state population is level with many people choosing to remain.

Obtaining value from your home purchase

new-york-state-real-estate-lawyer-buy-home-02In a seller’s market, it can be difficult to obtain the best deal. Average time on market drops as prices rise. It becomes difficult to obtain assurances that guarantee quality and value.

A lawyer helps in every step of the process. Conditional contracts keep your potential home from going to someone else as repairs are made. These contracts predicate sale on the completion of specific tasks and allow buyers to retain access to their dream home.

New York state allows for conditional contracts. Our courts also follow the four corners rule. Any items not within the confines of a written agreement are not considered by the courts if going against the contract.

We help clients obtain the assurances they need. Obtaining your dream home should not be difficult. There is no need to burden yourself with unnecessary repairs.

What do I need to know when purchasing a home?

new-york-state-property-lawyer-specialist-03Many considerations go into purchasing a home in the state. Contracts, documents, and title are all required before the deal is closed. Requirements are more difficult when purchasing a co-op space or condo. Bylaws and associations place strict regulations on what can be done even while taking care of maintenance and ensuring that your potential home is in good condition.

A lawyer helps prepare and review all documents. Contracts, promises, and agreements are not to be taken lightly. There is no reason to place loopholes in your documents.

Do I need documentation to obtain a loan?

Loan officers are not as lenient as before the economic crash of 2018. Institutions want to ensure that you can make payments. To do so, they require a plethora of documentation.

You should never give out more than is necessary. Information reveals a lot about who we. Privacy is important. A lawyer reviews and helps prepare documents to give you a leg up in the lending process. There is no need to reveal everything about your life.

A lawyer helps you get a leg up when purchasing a home. Contact me today to find out more.

David J. Aronstam, Esq.
(646) 759-0400
dja@aronstamlaw.com

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ResourcesCourt Excludes Parole Evidence Where Contract is Complete, Clear, and Unambigouous. Freiberger Haber LLP. 21 Aug 2017.
https://fhnylaw.com/court-excludes-parol-evidence-contract-complete-clear-unambiguous/Im, Julius. 7 Important Facts About New York Landlord and Tenant Laws. Avail. 2 Apr 2018,
https://www.avail.co/education/articles/7-important-facts-about-new-york-landlord-and-tenant-laws

Javier, David. A new report says New York City’s real estate downturn is deepening, and may not hit rock bottom for months. CNBC. 30 Dec. 2018, https://www.cnbc.com/2018/12/30/nyc-housing-prices-slide-further-may-last-for-months-warburg-realty.html

New York Property and Real Estate Laws. FindLaw. 2019,
https://statelaws.findlaw.com/new-york-law/new-york-property-and-real-estate-laws.html

Rent Control. New York City Rent Guidelines Board. 2019, https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-control.page

Segal, Troy. What do real estate attorneys do? Investopedia. 16 Apr 2018,
https://www.investopedia.com/ask/answers/101314/what-do-real-estate-attorneys-do.asp

2019 Home Value Trends in New York

2019 Home Value Trends in New YorkFor those wondering what the 2019 Home Value Trends in New York are, the big apple differs drastically from the rest of the state. While the city is in the throughs of a major downturn, prices and demand across the state remains strong. Even in New York City, prices in Manhattan hover near $1 million with other areas well over the state average. With an expensive market, obtaining the most value for your money is crucial. The law offices of David J. Aronstam helps clients obtain the best contract in such a demanding market.

Real estate trends in New York City

real-estate-trends-ny-nyc-2019-01New York City tends to be a popular choice for young people without families. As an epicenter of wealth, culture, and employment, there is no shortage of inhabitants moving to the city even as many continue to move out. However, after average home prices reached a peak in 2015, people started to leave the city, leveling population growth. The effect on the housing market was nearly instant. Housing prices dropped by 10 to 20 percent throughout the city.

There is no sign that the trend will stop. Home prices in Manhattan fell under $1 million to $990,000 while the average cost in Queens fell to less than $350000. Still, the population continues to grow slightly. The number of people is just increasing at a lower rate with many choosing to leave at the same time. This fluctuation creates more supply.

Real estate trends across the state

attorney-for-ny-real-estate-transactions-032019 Home Value Trends in New York state are experiencing the opposite effect. Despite a drastic population decline in cities such as Buffalo and Rochester, statewide home prices rose by 6.8 percent with a 4.1 percent increase in availability. This trend falls in line with the rest of the country where states with strong employment see a rapid increase in housing prices. The recent economic recovery continues to support prices. Desirable homes are simply selling for more than in the past.

Still, if population decline continues and the country enters a recession, this trend will not hold. It is likely that any decrease in demand will accompany a steep drop in prices. Meanwhile, the market favors sellers over buyers.

What can I expect when buying a home?

atty-buy-house-condo-apartment-contract-04With New York City still an attractive location and the current state of the housing market, finding your dream home may appear daunting. Buyers can expect counteroffers on any decent home. Still, with a declining population, some properties will not benefit from the boom.

The state follows the four corners law, the legal idea that the terms of the contract trump any unincluded information. There may appear to be pressure to make or receive a verbal promise, but this statement will not always hold up in a court of law.

There are protections available for buyers. Lawyers help obtain assurances without risking losing a chance to obtain your desired property. Conditional contracts give you the opportunity to purchase a property after repairs are made or requirements met. I help my clients avoid paying for necessary improvements, avoid contract loopholes, and ensure that the terms of any contract are clear. I also help with title searches and other common tasks that can create a headache in the process or down the road.

Never enter the purchasing process alone. Get in touch with me today to discuss your real estate transaction.

David J. Aronstam, Esq.
Attorney at Law

85 Broad Street
28th floor
New York, New York  10004
(646) 759-0400
dja@aronstamlaw.com

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Resources

Court Excludes Parole Evidence Where Contract is Complete, Clear, and Unambigouous. Freiberger Haber LLP. 21 Aug 2017, https://fhnylaw.com/court-excludes-parol-evidence-contract-complete-clear-unambiguous/

Im, Julius. 7 Important Facts About New York Landlord and Tenant Laws. Avail. 2 Apr 2018,
https://www.avail.co/education/articles/7-important-facts-about-new-york-landlord-and-tenant-laws

Javier, David. A new report says New York City’s real estate downturn is deepening, and may not hit rock bottom for months. CNBC. 30 Dec. 2018, https://www.cnbc.com/2018/12/30/nyc-housing -prices-slide-further-may-last-for-months-warburg-realty.html

New York Property and Real Estate Laws. FindLaw. 2019,
https://statelaws.findlaw.com/new-york-law/new-york-property-and-real-estate-laws.html

Rent Control. New York City Rent Guidelines Board. 2019, https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-control.page

Segal, Troy. What do real estate attorneys do? Investopedia. 16 Apr 2018,
https://www.investopedia.com/ask/answers/101314/what-do-real-estate-attorneys-do.asp

Should You Buy or Rent an Office in Manhattan?

buy-or-lease-commercial-nyc-office-space-info-01Deciding 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.

Pros and Cons of Leasing or Buying Office Real Estate

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.

Leasing Comparison

better-value-buy-lease-manhattan-office-top-nyc-real-estate-attorney-02When 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:

  • Paying on a monthly lease has less financial exposure than buying
  • It gives you increased flexibility to change locations later
  • The property owner deals with most of the maintenance concerns.
  • Smaller spaces are readily available to rent, whereas office space for purchase tends to be large

Cons of Leasing:

  • Leasing someone else’s real estate suggests you’ll be limited in exactly what you can do
  • Some leases can last for 5 years or more
  • There are usually hidden costs that reveal themselves later
  • Leasing doesn’t allow for much customization for your business

Purchasing Comparison

top-lawyer-for-commercial-real-estate-transactions-nyc-03When 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:

  • Your personal property can be used as collateral
  • You’ll have a fixed overhead with your commercial loan
  • You can get revenue from subletting
  • You have the flexibility to manage the home, and use the area how you desire

Cons of Buying:

  • Capital requirements are usually pretty high
  • There’s no guarantee that the property’s value will appreciate over time
  • You’ll have greater upkeep responsibilities
  • You’ll have to ensure your office is properly zoned if you plan to build on it

Work with a Professional You Can Trust

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.

4 Mistakes You Can’t Afford to Make when Signing an Office Lease in Manhattan

lawyer-for-commercial-office-leasing-manhattan-nyc-01Signing 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.”

There Are Precautions that a Renter Can Take

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.

Mistake #1. Not Allowing for Enough Time

attorney-advice-commercial-office-leases-nyc-02Hopeful 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:

  • Negotiation of the lease
  • Working with a contractor and interior designer,
  • Bidding out and awarding the construction work required, and
  • Obtaining permits

Mistake #2: Not Hiring a Real Estate Attorney for Office Leases in Manhattan

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.

Mistake #3: Not Exercising Due Diligence to Investigate Compliance

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.

Mistake #4: Not Focusing the Lease Negotiations on Key Business Issues

lease-contract-review-legal-top-nyc-lawyer-03Prospective 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:

  1. How much notice does the landlord need to give you if he or she wants to relocate your office to another part of the building?
  2. Can you sublet part of the lease?
  3. Can you obtain more square footage if your business expands?
  4. Can you cancel the lease and transfer to another building if there’s inadequate growth area?
  5. Can you extend the term if you wish to stay in the space?
  6. Can you designate the lease to a buyer of your business?

If a lot of this sounds like a lot to remember (on top of everything else), take the time to setup 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. Aronstam Law can take a look at the proposed lease and provide guidance based on your business’ needs.

Call or email today for a free, no hassle consultation

David J. Aronstam, Esq.

85 Broad Street
28th floor
New York, New York  10004
(646) 759-0400
dja@aronstamlaw.com

5 Negotiation Tips for Store Leases in Manhattan

nyc-retail-lease-negotiation-tips-lawyer-attorney-01What 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.

Approaches for Negotiating the Best Lease for You

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.

1. Consider the Length of the Lease

lawyer-specialist-for-negotiating-buildout-costs-nyc-landlord-02After 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.

2. Do Your Homework

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.

3. Look for Hidden Costs in the Contract and Fine Print.

lawyer-for-commercial-lease-creation-review-negotiation-03-

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.

4. Request For Favorable Provisions

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.

5. Review the Termination Clause Carefully

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.

How a Real Estate Attorney for Store Leases in Manhattan Can Help

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.

Experienced NYC Real Estate Attorney for Signing a Store Lease

Differences between Short-Term and Long-Term Store Leases in Manhattan

nyc-commercial-leasing-expert-attorney-01Deciding 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.

The Advantages of a Long-Term Lease

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.

Potential Drawbacks of a Long-Term Lease

commercial-leasing-info-legal-counsel-best-nyc-02The 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.

Uses for a Short-Term 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.

Drawbacks of a Short-Term Lease

commercial-real-estate-lawyer-for-ny-retail-store-leases-03Short-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.

Evaluate Your Thoughts with a Trusted Adviser

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.

At Aronstam Law , we focus on helping local neighborhood retailers move through getting questions answered, so they can move ahead.

Feel free to schedule a no-obligation consultation to show you why we will earn your business and build a long-lasting partnership.

NYC Real Estate Attorney to Represent Banks

Why Restaurant Franchise Lending Could Be Good for Your NYC Bank

nyc-lawyer-for-real-estate-commercial-leases-for-banks-financial-institutions-01Historically, 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:

1. General Market Performance Is Good

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.

2. Building on Relationships Is Important

lawyer-commercial-space-nyc-bank-branch-lease-02A 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.

3. Market Demand Is Strong in Restaurants & Dining

A demand in the restaurant financing world for senior debt has a healthy existence. The reasons are:

  1. Often developing and opening new locations
  2. Frequently required to remodel
  3. Numerous debt consolidation transactions occur when a larger franchisee buys out a smaller unit
  4. Property is frequently bought and sold

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.

4. Franchisers Have a Safety Net

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.

5. Consumers Are Paying Attention

real-estate-attorney-for-commercial-leasing-nyc-expert-03With 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.

Consider Aronstam Law Firm to help your NYC bank move forward in learning more about restaurant franchise lending. You can schedule a free, no-obligation meeting with one of our real estate team members. You can call our office at (646) 759-0400 or fill out our contact form.

Get the Lowest Closing Costs on Buying a NYC Apartment

Buyer’s Guide to Lowering Closing Costs on an Apartment in Manhattan

lawyer-to-reduct-real-estate-closing-costs-nyc-apartment-01Closing 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

Method No. 1: Ask for a Loan Estimate Form

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.

Method No. 2: Know where the Savings Are Located

closing-cost-info-apartment-purchase-nyc-lawyer-02

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:

  • Infestation or bug inspections
  • Surveying
  • Title search
  • Title insurance coverage binder
  • Bank’s title policy
  • Settlement agent fee

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.

Method No. 3: Pushing Back on the Bank’s Fees

reduce-bank-fees-top-attorney-buy-nyc-apartment-coop-condo-03A 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.

Method No. 4: Shop around for Title and Settlement Service Providers

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.

Method No. 5: Ask the Seller to Contribute

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.

There Are Occasions when You Pay Full Price

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.

At Aronstam Law, we pay attention to the details. Call us today at (646) 759-0400 to schedule a free, no obligation consultation about how you can save money and conserve resources on future sales.

Real Estate Attorney for Buying a Manhattan Apartment

Why You Should Hire A Real Estate Lawyer when Buying an Apartment in Manhattan

top-real-estate-lawyer-for-buying-nyc-apartment-01One 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.

Preparing for Your Apartment Purchase

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.

What I Expect from a Real Estate Lawyer?

nyc-real-estate-attorney-clearing-title-cloud-02First 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.

Acting as an Intermediary

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.

Clearing the Title

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.

Acting as a Closing Counselor

sale-contract-lawyer-purchase-apartment-nyc-03Your 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.

What to Do If You Don’t Have a Lawyer?

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.

If you don’t have a real estate attorney for apartment purchases in Manhattan, contact Aronstam Law. We can help you move through the process seamlessly.