Most people—whether or not they know much about real estate—know about leases. This is especially true in New York City, a city where a large portion of the population lives in rental apartments. Most New Yorkers have actually signed residential leases, and understand the basic concepts involved.
Commercial leases, on the other hand, are a whole different ballgame. While commercial leases do share things in common with residential leases, there are many differences that make commercial leases far more complex.
What are some of the ways that commercial leasing is more complex and requires more legal guidance than residential leasing?
In New York City, commercial leases are uniquely complex in a number of ways, which can make unrepresented or poorly represented commercial landlords or tenants vulnerable. For example:
- Fewer Legal Protections: Residential leases are subject to many laws that are in place to protect both landlords and tenants. These are sometimes referred to as “consumer laws.” Commercial leases are not subject to the vast majority of these laws, and commercial landlords and tenants are expected to know more about what they are getting into than the average person signing a lease on an apartment. Commercial landlords and tenants are therefore far less legally protected from predatory, dishonest, or bad faith counterparts.
- Longer Lasting: While the standard residential lease lasts for a year, commercial leases tend to last for much longer, usually spanning several years. It is not uncommon for commercial leases to last for 5 years or even 10 years. Commercial leases tend to be a much bigger commitment, which creates its own set of challenges and complexities.
- Variation: While residential leases tend to be fairly standardized, commercial leases are written with many different and varied terms, to accommodate the unique situation and the needs of both the landlord and the tenant. While this can be an advantage, it can quickly become overwhelmingly complex and pose a disadvantage without the help of an experienced attorney.
- Negotiable Terms: The basic terms of a residential lease—things such as allowed renovations and improvements, rent (including scheduled increases and grace periods), and lease length—are not usually up for negotiation. This is not the case when it comes to commercial leases. In fact, the commercial leasing process makes space for negotiation of any and all terms. This can also be a significant advantage, but it does generally require the help of a commercial leasing attorney to take advantage of properly.
When it comes to finding the right attorney for your NYC commercial leasing needs, look no further than Attorney Roger Pierro and the Pierro Law Group, PLCC.
Attorney Pierro has over three decades of experience in commercial and industrial real estate projects, with a particular focus in commercial leasing. His clients have included major corporations and financial institutions as well as small businesses owners and independent business owners. He has the knowledge, experience, and skill to successfully guide both landlords and tenants through the commercial leasing process.
When it comes to commercial leasing, what can Attorney Roger Pierro do for me?
Attorney Pierro has over 32 years of experience with commercial leasing, and is up to date with all 2021-current commercial leasing legislation and policy. He offers a full suite of services for landlords or tenants looking to enter into a commercial lease. These include:
- Commercial Lease Drafting: Drafting original commercial leases that are built to protect and advocate for your best interests.
- Commercial Lease Review: Reviewing proposed commercial leases for potential vulnerabilities or undesirable terms, including all amendments and proposed changes.
- Commercial Lease Negotiation: Negotiation of the terms and conditions of commercial leases.
- Commercial Subleases and Assignments: Facilitation of subleases and assignments, and both drafting and negotiating for terms that allow for same.
- Commercial Lease Termination: Lease termination and dissolution/voiding of the commercial lease contract, as well as drafting and negotiation of the lease terms for termination.
- Commercial Lease Disputes, Breach of Contract, Mediation, and Litigation: Resolving, negotiating, and mediating potential disputes over commercial leases, up to and including Court-enforced mediation and trial litigation.
- COVID-19 Commercial Lease Consulting and Risk Mitigation: Advising clients on the COVID-19 commercial lease environment, including risk assessment and mitigation.
Are you looking for an experienced, knowledgeable, full-service commercial lease attorney in NYC? Attorney Robert Pierro is ready to help. Call (212) 847-4948 for a free consultation today.
Hire Us Today!