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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 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.
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.
Contact Us at 646-759-0400 to schedule an appointment