New York City Commercial Real Estate Lawyer
Although investing in the New York City real estate market can be lucrative and rewarding, there are a myriad of challenges that entrepreneurs should consider and many pitfalls they should avoid. Whether you are an NYC buyer or seller of commercial property, a real estate developer, a business owner, or an investor, engaging in such transactions requires the advice, guidance, and representation of an experienced New York City commercial real estate lawyer.
In our experience handling real estate transactions in the most populous city in the U.S., Fridman Law Firm always strives to give our clients a competitive advantage, serving their best interests in a wide range of commercial real estate transactions in New York City. By cultivating relationships and working with a respected network of professionals in the real estate sector, our legal team works diligently to ensure our clients’ transactions are handled professionally and timely.
Fridman Law Firm offers strategic guidance and representation to clients seeking to leverage the NYC real estate market for investment and expansion. Regardless of the size of the deal, our legal team always puts our clients first, working resolutely to help them achieve their desired goals.
Types of Commercial Real Estate
When it comes to properties used specifically for income-generating or business purposes, commercial real estate can generally be categorized into various types, including:
1. Office Space
Office buildings typically fall into two categories: urban and suburban. Urban office buildings, located in central business districts, are found in cities like New York City and include skyscrapers and high-rise properties. Suburban office spaces are usually smaller and generally offer lower overheads than urban ones.
This type of commercial real estate comprises spaces that host retailers and restaurants. They can be found in standalone, multi-tenant, or single-use buildings. Businesses use these spaces to sell their goods or services directly to consumers.
3. Industrial Use
As the name suggests, this type of real estate can host industrial operations for one or more tenants. Typically located outside urban areas, industrial buildings can be grouped into industrial parks and are used as manufacturing, logistics, or distribution facilities. Industrial properties may significantly vary in size, depending on specific use cases.
4. Multifamily Rental
Multifamily properties contain two or more units in the same building or group of buildings and are often categorized into six subtypes:
- Garden apartments
- Mid-rise apartments
- High-rise apartments
- Special-purpose housing, such as seniors’ housing
5. Special Purpose
This type of real estate is built for a very specific purpose that may not fit into any of the above categories, including amusement parks, bowling alleys, zoos, sports stadiums, and movie theaters.
Other types of commercial real estate in New York may include:
- Land, such as infill and brownfield land
- Mixed-use properties
Common Problems in NYC Commercial Real Estate
When looking to buy, lease, or sell a property in the New York City commercial real estate market, one of the main challenges potential investors face is the sheer volume of the market. Throughout the city’s boroughs, countless types of commercial real estate properties are zoned for many purposes. Finding the right property that fits your needs can be challenging, let alone finding one with a reputable seller.
Regrettably, real estate scams are also common. Parties may also deliberately withhold pertinent information that may lead to future legal and financial complications.
To avoid such scenarios and increase your chances of getting a good deal that meets your needs, it’s advisable to work with a New York City commercial real estate lawyer. Whether you are familiar with the city or not, seek local legal counsel from a reliable law firm before entering into commercial property transactions.
What Does a New York Commercial Real Estate Attorney Do?
Commercial acquisitions and leases carry various unique legal issues, variables, and requirements that must be thoroughly addressed to get the most out of such transactions. Failure to do so may lead to future legal disputes, resulting in unnecessary litigation. This is why hiring a reliable NYC real estate lawyer is critical for both buyers and sellers.
Enlisting the services of an attorney means you’ll be prepared to deal with any legal matters related to the New York property you wish to buy, lease, or sell. An experienced lawyer can offer sound advice and guidance, ensuring you avoid pitfalls during your transactions. The sooner you hire a real estate lawyer, the longer your counsel will have to gather and evaluate information about the property to help you make informed decisions.
Some of the ways a real estate lawyer in New York City can help you include:
Reviewing All Information Related to Your Transaction
An experienced attorney can interpret real estate laws and policies and advise you on how they may affect your transactions, as well as draft airtight contracts and agreements. If you don’t understand real estate jargon, your lawyer can assist you in understanding technical terms and clauses in any documentation and ensure you meet your contractual obligations.
Helping You Avoid Scams and Fraud
In any type of real estate transaction, you may meet individuals who may want to take advantage of you, ranging from fake companies to dishonest real estate agents. While most of us think we can spot scammers and fraudsters from miles away, that’s not always the case. Some of these real estate scams can be quite sophisticated. An experienced attorney can conduct due diligence and guide you through every step to prevent such incidents from happening.
Conducting Extensive Property Research
Before getting into a real estate deal, a commercial real estate lawyer can comprehensively research the NYC market to establish a property’s ownership records and highlight potential legal issues. This prevents you from investing in a property that may not meet your goals.
Handling Negotiations and Closing
An experienced attorney can help you make informed decisions when finalizing your transaction. They can negotiate with other involved parties during the deal-making process, ensuring your contract maximizes reward while minimizing risk. A lawyer can also handle the filing of your contract to ensure all state and federal procedural requirements are met.
Schedule an Exploratory Meeting With Our NYC Real Estate Attorneys Today
When it comes to legal matters, especially commercial real estate in Brooklyn, Manhattan, Queens, The Bronx, and Staten Island, you should be proactive and do everything possible to protect yourself from any potential pitfalls. That’s why you need a reputable New York law firm by your side when handling real estate transactions.
At Fridman Law Firm, our attorneys represent clients in commercial real estate matters ranging from property research to lease reviews, and negotiations. If you are interested in a commercial property in NYC or have real estate problems with your property, it’s important to have guidance and support from experienced legal professionals who can provide valuable insights and help you make informed decisions.