Sishodia PLLC

Experienced Commercial Real Estate Attorney in NY

The purchase or sale of a commercial property requires the help of a real estate lawyer, specifically an experienced commercial real estate attorney in NY, who can assist with residential, co-op, condo, and commercial sales and purchases, as well as landlord-tenant issues. They also help clients resolve issues with zoning and building permits. Moreover, they advise on mortgages and homeowners' associations, real property contracts, titles, and liens, providing advice and representation for individuals and businesses in New York City and surrounding areas.

A reputable real estate lawyer, or commercial real estate attorney, has extensive knowledge in all aspects of real estate law and can provide comprehensive legal support for complex transactions. They can handle commercial and residential properties in a wide range of locations, including office buildings, warehouses, and shopping centers, and can also handle land development projects, such as the sale of industrial or residential property. Having a commercial real estate attorney by your side can ensure that your transactions are handled efficiently and legally.

If you are looking for a trusted real estate attorney in NYC, consider seeking the services of a commercial real estate attorney who can guide you through every step of your commercial real estate transaction. They can also help you negotiate the terms of your lease, ensuring that all aspects of your transaction meet your expectations and legal requirements. This ensures that your interests are protected throughout the process.

Commercial real estate attorneys in NY can provide comprehensive assistance for all types of commercial and residential properties, including retail spaces, multi-family dwellings, and office space. They are key in resolving disputes with tenants and landlords, ensuring that all documentation is complete and up to date. Additionally, having a commercial real estate attorney represent you in foreclosures and other real estate litigation can be invaluable.

Whether you are a landlord or a tenant, it is crucial to have a commercial real estate attorney in NY to protect your interests. They play a critical role in helping you negotiate your contract, understand local zoning laws, and complete the necessary paperwork to avoid any potential problems. This professional support is essential in navigating the complexities of commercial real estate transactions.

Real estate law involves a lot of complicated documents and details, making it difficult to navigate alone. A commercial real estate attorney can save you time and money by handling your case efficiently and professionally. They are instrumental in assisting you with all aspects of the transaction, from drafting agreements to negotiating with buyers and sellers. In addition, they can provide guidance on real estate tax deductions and deed transfers, ensuring you make the most out of your real estate investments.

Commercial Real Estate Tax Law NY

The City’s property taxes, known as the Real Estate Transfer Tax (RETT), are a significant component of many commercial transactions, necessitating the assistance of a commercial real estate attorney to navigate the complexities involved. RETT applies to the transfer of interests in real property (or a right to use such property) whether resulting from a sale, exchange, capital contribution, current or liquidating distribution, merger, sale of stock or partnership interest, creation or assignment of a lease, or other similar event.

Moreover, a variety of exemptions can dramatically reduce the amount of tax due on property sales. These exemptions are based on statutory eligibility criteria and benefit levels, which a commercial real estate attorney can help identify and apply for to maximize savings. In New York City, the real estate tax rate (ETR) varies widely among different types of properties. These disparities result largely from policy decisions to shelter owners of small residential properties from rapid increases in their taxes and to increase the tax burden on owners of commercial and large rental buildings.

For example, an average tax bill for a small residential coop or condo building may be only 0.76 percent of market value, whereas the ETR for a midtown office tower or a luxury apartment complex is often over 2 percent. These differences highlight the importance of having a commercial real estate attorney to navigate the tax implications for commercial properties. These disparities also reflect the fact that the city’s residential property taxes are capped or phased in, while the city has no cap on its commercial and rental property taxes.

These disparities impede the competitiveness of New York City’s commercial real estate markets and make the city less attractive to businesses seeking to relocate or expand. To address this issue, it is beneficial for businesses to consult with a commercial real estate attorney who can guide them through tax relief programs and eligibility criteria. In addition to the above, New York’s property tax rules can be extremely complex, and violations can carry stiff penalties, further underscoring the need for a commercial real estate attorney to ensure compliance and avoid potential fines.

Real estate taxes are payable quarterly or semi-annually, depending on the assessed value of the property. Late payment of real estate taxes could result in a breach of contract in the case of a lease agreement, emphasizing the importance of having a commercial real estate attorney review lease terms and manage property tax obligations effectively. A breach of this type can have serious consequences, especially for commercial tenants or investors in a “net lease” scenario. For this reason, it is crucial for commercial tenants to maintain strong relationships with their landlords and work closely with commercial real estate attorneys to navigate the complexities of the New York City property tax system.

Commercial Real Estate Easement Disputes in NY

Commercial real estate is a complex area of the law, and disagreements about property lines, easements, boundary disputes, and more are common. The legal consequences of these disputes can significantly affect the value and risks of your property. With the help of an experienced commercial real estate attorney, you can protect your interests and recover financial compensation when necessary.

Easements
Easements are rights to use a specific piece of land from one property owner to benefit another. They can include rights to travel through a neighbor's property, such as a road or footpath, or easements to access a body of water or other section of land. An easement can be appurtenant or in gross. An appurtenant easement is a right that transfers to a new property owner, while an in gross easement benefits only a specific individual or entity. A commercial property owner may have to deal with issues related to easements, including determining whether an easement is appurtenant or in gross, or enforcing a neighbor's compliance with the terms of the easement. A skilled commercial real estate attorney can offer guidance and legal strategies to handle these matters effectively.

Boundary and Easement Disputes
The location and boundaries of your property can be complicated, especially in urban and suburban areas. Disputes regarding these issues can lead to expensive litigation. An experienced real estate attorney can resolve challenging boundary and easement disputes, clarify responsibilities for maintenance of a fence or wall that includes a boundary line, and/or recover compensation when necessary. Consulting a commercial real estate attorney can be crucial in navigating the complexities of boundary and easement disputes, ensuring your property rights are protected and disputes are resolved efficiently.

In addition, skilled attorneys can assist in a variety of other complex commercial real estate disputes. These issues often arise due to ambiguities, omissions, or misinterpretations in contracts and leases, zoning disputes, construction delays or quality issues, and more. A commercial real estate attorney can play a pivotal role in resolving these disputes, providing both litigation support and negotiation assistance to safeguard your commercial interests.

New York easement laws are extremely complex. There are different types of easements and a variety of ways they can be used, abused, or terminated. For example, if your neighbor holds an easement that allows them to run pipes or cables through your property, this will limit your ability to build on your land and can negatively impact its value. However, it is possible to terminate an easement in some circumstances. Engaging a commercial real estate attorney can help you understand your rights and responsibilities regarding easements, including how to evaluate an existing easement before purchasing a property, how to avoid common easement problems, and how to resolve an easement dispute with a neighbor or utility company. In many cases, mediation or other alternative dispute mechanisms are the most efficient and cost-effective means to resolve a land-related issue.  

Sishodia PLLC

Sishodia PLLC | Real Estate Attorney and Estate Planning Lawyer | Asset Protection Law Firm | 1031 Exchange - NYC

600 Third Avenue 2nd Floor, New York, NY 10016, United States

(833) 616-4646