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How do I negotiate a strong commercial lease in NYC?

Sixteen years after New York City and the rest of the nation experienced the horrors of 9/11, the New York City commercial real estate market has rebounded and then some.  The latest market statistics show over 2.75 million square feet of commercial space leased, with the average asking rental price of nearly $74 per square foot.  New York City developers anticipate that the commercial real estate market in the city will only continue to grow.  With such demand, securing a coveted commercial space can be difficult.

Q: What is driving the investment property boom on Staten Island?

Staten Island commercial real estate is on fire – – not literally, just in a good way. We knew things were booming, but now we have the numbers to prove it.

And the numbers don't lie.

Why might a rent-to-own home agreement be risky for the tenant?

Qualifying for a mortgage requires strong credit and sufficient income.  Many Americans find themselves unable to obtain a traditional mortgage due to a lack of credit, a negative payment history, or not enough income.  For those individuals that do not qualify for a mortgage through the bank, but desire to own their own homes, a lease-purchase agreement may seem like the best option.  A well-crafted rent-to-own agreement could make your dreams of home ownership a reality, but anyone considering such a purchase will need to consult with a

Over the years, many married couples have come to us for assistance with buying a home. Today, however, it is becoming increasingly common for unmarried couples, family members, friends and even business partners to buy a home together. Nonetheless, there are important considerations involved when non-spouses buy a home, some of which are discussed in this article.

Get It in Writing

Buying a home is probably the single largest financial transaction that many people will undertake during their lifetime. When the parties are not married, moreover, there are unique issues involved, such as how expenses will be handled, who owns what percentage, and how title will be held, among others.

What costs can a landlord deduct from the tenant’s security deposit?

Most tenants will need to put down a security deposit before renting a residential property.  The security deposit is typically close to the amount of one month’s rent, and it is intended to cover damages inflicted by the tenant to the property that go beyond normal wear and tear.  Much controversy exists as to when landlords can keep a portion of the tenant’s security deposit.  One of the most common disputes between landlords and tenants is the return of the security deposit. 

What factors should I consider before signing a commercial real estate lease?

As New York City prices continue to climb and real estate becomes sparser, developers are expanding outside the City.  Westchester County is the newest target for investors, attracting a flurry of new businesses, ranging from restaurants and stores to theaters and a brewery.  Several multi-million dollar projects will bring a host of new residents to Westchester. If you are a developer or entrepreneur looking to enter the Westchester market, consider some of the following factors you should weigh before signing a commercial real estate lease, as offered by our Staten Island real estate lawyers. 

One of the critical considerations for owners of investment property is the requirement to pay a capital gains tax upon the sale of the property. Given the advances real estate prices have made in recent years, such a tax payment could be sizable. There are ways to avoid these taxes, such as entering into what is referred to as a 1031 Exchange. Let’s take a look at some of the basics.

A Primer on 1031 Exchanges

Under Section 1031 of the Internal Revenue Code, the owner of an investment property can sell the property and use the proceeds to invest in another property without having to pay the capital gains tax, provided that all of applicable requirements of the Code are followed.

There may be a thief among us.

The Staten Island residential real estate boom has been spotlighted recently on our blog, but if the charges against a local man are proven to be true, it will have some residents saying "There goes the neighborhood!".

A Staten Island man has been "arrested and charged with securities fraud, mail fraud and wire fraud" in connection with an alleged real estate scam that targeted primarily the elderly.

Am I liable if I accidently damage a neighboring property?

During renovations, you may be opening up walls in your home, removing trees, repairing fencing, and the like.  It is possible that during renovations you could damage a neighboring property.  Falling trees, dust spreading to other apartments, and torn down fences are all potential scenarios in which you could be held accountable for the damages that you or your employees inflict on a nearby property.  Our

How do I update or change my will?

Life is always changing and ever evolving.  In your lifetime, you may marry, divorce, have children, welcome grandkids, switch careers, obtain more assets, and become close to some relatives or estranged from others.  All of these life changes will require that you update your will.  New Yorkers will be glad to hear that amending or even revoking your will can be accomplished with ease.  Our

Far too many individuals approach estate planning as a “once and done” situation, and merely draft up a will and leave it in drawer. A well designed estate plan, however, should consider inevitable changes that will occur during a person’s lifetime. Whether it’s getting married, have children, getting divorced, remarrying or retiring, it is crucial to keep wills, trusts and other estate planning documents updated. Similarly, it is important to ensure that beneficiary designations on retirement accounts are also up to date.

Types of Beneficiary Designations

There are two types of beneficiary designations: per-stirpes and per-capita.