Commercial leases in New York City are complicated legal documents. They can range anywhere from 15 to more than 100 pages in length depending on the particular landlord. Therefore, it is in the tenant’s best interest to hire a New York real estate attorney to review a lease and to negotiate modifications on the tenant’s behalf with the landlord’s attorney.
The role of a New York real estate attorney usually begins after a lease has been issued, and after the landlord’s agent and the tenant’s broker have reached agreement on lease business terms. Business terms may consist of base rent, any monthly pass-throughs, annual rent escalations, a proportionate share of real estate tax increases, electricity, security deposit and build-out costs. Once a lease has been issued, it is forwarded to the tenant’s attorney.
While an attorney can negotiate on a prospective tenant’s behalf, it is best to hire a New York real estate attorney with extensive experience in reviewing New York City commercial leases. The language used in Manhattan commercial real estate leases is different than that found in simpler leases common to other regions of the country. Attorneys with this specialty are more likely to spot unsatisfactory terms and ultimately negotiate the most favorable result for the tenant.Whether you are considering a short-term lease for your start-up business, or a long-term agreement for your well-established company, the expertise of a New York real estate attorney can ensure that your business enjoys the most favorable terms possible.