Long Island & New York City Commercial Real Estate Attorneys
Roman & Piccinnini is a law practice strongly grounded in commercial real estate. With our comprehensive, up-to-date knowledge of both federal and New York State real estate statutes, our attorneys can assist you in making sound choices that will benefit you in the present and protect you in the future. We routinely handle all matters pertaining to business property, including: advising you on investment opportunities, drafting, reviewing, and enforcing documents, engaging in complex negotiations on your behalf, and representing you in real estate closings.
Types of Commercial Real Estate
Commercial real estate is defined as any non-residential property used solely for business purposes. There are a number of categories of commercial real estate you may be interested in buying or selling for your own use or as investment properties. These include:
- Leisure properties — hotels, public houses, restaurants, cafes, sports facilities
- Retail properties– retail stores, shopping malls, shops and boutiques
- Office properties — office buildings, serviced offices
- Industrial properties — warehouses, garages, distribution centers
Whatever type of commercial real estate you are interested in, our team is available to help you navigate the current market.
We Represent Buyers, Sellers, Landlords and Renters
Whether you are purchasing industrial property, selling a retail shop, or renting office space, we will provide you with excellent representation. We take the time to listen to your specific needs and evaluate how best to proceed. Our knowledge of the intricacies of real estate dealings ensures that you will buy or rent the commercial property best-suited to your purposes, or sell the property you have put on the market at the best price possible. The fact that we have extensive experience representing all parties in real estate transactions gives us insight into which strategies will work best in your particular case.
Commercial leases usually cover a longer period of time than residential leases, typically a minimum of 5 years. They also require a larger security deposit. On the other hand, commercial landlords are much more likely to be accommodating to new tenants, especially if the space being rented is sizable. They may be willing, for example, to put up or remove a partition to satisfy the renter’s needs.
Types of Commercial Leases
There are different types of commercial leases, including:
- Fixed — which sets a specific amount of rent for a fixed period of time
- Step — which involves regular rent increases as part of the agreement
- Gross — in which the tenant pays a fixed monthly amount and the landlord agrees to pay expenses normally associated with ownership, such as utilities, repairs, insurance, and (sometimes) taxes.
At Roman & Piccinnini, we are familiar with all types of commercial leases and will make sure that you understand fully the implications of any document before you sign it. Whichever type of lease you are offered, and depending on the kind of property you will be renting, the following details have to be evaluated carefully:
- Amount of rent
- Any needed modifications to the space
- Length of the lease
- Potential for onsite publicity
- Restrictions of competitive businesses in adjacent premises
- Security deposit
- Whether the property can be sublet
- Whether there is an option for the renter to buy
- Which party will be responsible for utilities, waste removal, cleaning, etc.
We probably know facts you are unaware of, for example that landlords can include the thickness of walls, stairwells and even elevator shafts in their computation of square footage. We will make certain that you know the precise measurements of the rental space and all other aspects of the lease you are signing. Having been through the process so many times before, we know exactly which questions to ask.
Our capable attorneys take into account all aspects of the landlord/tenant relationship, from negotiating to drafting and reviewing documents to clarifying issues such as which party is responsible for damage and repair of the premises. We are committed to making sure that all details in any lease you sign, whether as a landlord or a tenant, are clear and unambiguous, preventing future misunderstandings or disputes.
Commercial Sales and Purchases
Because of the complexities and ever-changing laws regarding commercial property, having a savvy real estate attorney at your side is essential. Whether you are buying or selling, there are many aspects to be considered, including:
- Title clearance
- Down payment
- Property taxes
- Insurance coverage
- Environmental regulations
- Laws to accommodate the disabled
- Loan origination and mortgage payments
- Closing costs
Reasons to Invest in Commercial Property
While you may be looking to lease property to house your business, it is also possible that you are looking to purchase commercial property for investment purposes. We will be happy to discuss with you some of the reasons commercial real estate may be a wise investment for you. Advantages over investing in residential property include the following:
- Commercial real estate has greater earning potential
- Business owners typically maintain and improve their properties in order to attract customers, clients, or patients
- Businesses generally have limited hours of operation resulting in fewer midnight calls
- Owning commercial property provides tax benefits
- Owning commercial real estate is a good hedge against inflation
- Fewer consumer protection laws apply to commercial real estate
If you are thinking of investing in commercial real estate, it is important to choose a capable attorney before you begin the process so that you spend your time and money as effectively as possible and so that you avoid any pitfalls. Having a rapport with the attorney you work with is essential. We are sure that once you meet with us, you will be more than comfortable putting yourself in our capable hands.
Always Ready to Protect Your Interests
When difficulties arise, we are there to help you get through them, whether they are issues involving eminent domain, disputes between opposing parties, evictions or foreclosures. When you work with us, you can be sure you will be protected, whichever side of the fence you’re on. If you are a renter we will make sure you are treated fairly and do not get taken advantage of. If you are the buyer, we will protect you from any defects that may reveal themselves after the sale is final, and if you are the seller or landlord we will take steps to protect you against default on the part of the new owner or renter.
Services Provided by Roman & Piccinnini
Whether you are the seller, buyer, renter, or landlord, our keen attorneys will guide you through the commercial real estate process — from obtaining approvals and permits to arranging financing, from drafting and reviewing documents to engaging in nuanced negotiations and finally closing the deal. We routinely interact productively with architects, engineers, real estate brokers, and tax attorneys. We are proactive and efficient and have the resources and skills to assist you all parts of commercial real estate transactions. Above all, we are dedicated to helping you achieve your goals. Contact us today to schedule a consultation.