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Bronx Real Estate Law Blog

Common pitfalls for New York homebuyers

If you are getting ready to buy a home for the first time, you may feel excited and slightly overwhelmed by what's ahead. It is not always easy to find real estate in New York that works for practical purposes and your budget. As you look forward to what is ahead for you and your family, it is smart to learn about common mistakes many new homebuyers make and how you can avoid them.

Owning a home is expensive, and taking this step may be the most significant financial investment you have ever made. It is in your interests to ensure you do not expose yourself to unnecessary financial or legal complications down the road. Due to the serious nature of such a large purchase, you may find it beneficial to seek guidance from a legal professional.

Commercial real estate investors can protect their portfolios

During the past year, some experts have discussed the possibility of a downturn in the non-residential property market. In this situation, certain types of properties may subside due to being grossly overheated. However, commercial real estate investors in New York can take a few steps ahead of a potential downturn to protect their financial best interests.

First, it may behoove investors to decide if their portfolios feature any properties that no longer meet their goals for the long term. If so, they may want to sell these properties. Now may be a good time to sell, as the market currently still has some velocity, and buyers are active. Investors could simply do 1031 exchanges into other properties that may be in alignment with their long-range objectives. This would allow them to defer taxes and tap into their equity to successfully trade into other properties.

Commercial real estate investors can overcome uncertainty

During the past few months, many movements are directly impacting the economy as well as property investments throughout the United States, including New York. These events include the recent shutdown of the government, trade wars and increasing interest rates. On top of this, technology is advancing quickly. In light of the uncertainty that exists in the current market, here are a couple of ways that commercial real estate investors can stay ahead financially.

First, real estate investors may want to reconsider their current mixes of tenants. In the past, tenants signed leases spanning 10 years to 15 years. However, with the uncertainty in today's business market, tenants are now looking for leases with shorter terms. For this reason, it may behoove real estate investors to offer leases that meet their needs. This will increase their chances of experiencing rapid increases in their net incomes.

Wills, revocable trusts can offer asset protection

No two individuals are exactly the same with regard to their estate planning goals. Although wills can certainly be helpful estate planning tools for many people in New York, trusts also offer many benefits. Here is a look at why many estate owners are turning to revocable trusts, in particular, to safeguard their assets.

When the grantors of revocable trusts die, their trusts will continue to carry out their wishes. A major advantage of revocable trusts is that the assets placed in them bypass probate when the trustor passes away. This is beneficial in that probate is generally a time-consuming, expensive and public proceeding.

Commercial real estate deals attract various kinds of buyers

When property owners in New York consider selling non-residential properties, they have a few chief goals. They want to generate the most profit possible, they want their deals to happen quickly, and finally, they do not want the transactions to come with many conditions. However, the commercial real estate sales process is not straightforward, as multiple types of buyers with different pricing expectations exist. Two of these buyers are developers and investors.

A developer usually targets a property on which he or she can either build a brand-new building, or demo and rebuild a building. A developer's pricing is based on what he or she thinks a newly built building will be valued at when it comes to the sale price or the rent price. In general, this type of buyer wants to purchase properties at the lowest prices possible.

Commercial real estate drawing attention of life science field

The life science world is expanding like never before across the United States, including in New York. Biotech is especially growing as drug companies join startups as well as incubator labs to facilitate new research. A particular sector of the economy that is benefiting from the current popularity of the life science industry is commercial real estate.

During the few years preceding the fall of 2017, employment in the biotechnology research area grew around 27 percent. This is almost four times the growth rate of overall employment during this period, which was 7 percent. Furthermore, venture capitalists invested more than $60 billion in biotech companies from 2014 to 2017.

Why millennials should consider buying a home

For younger adults in New York, the thought of owning a home may seem like a remote possibility. Real estate is expensive, and many working adults under the age of 35 also have student loan debt. Many assume that they will never be able to afford a down payment or qualify for a loan, so they simply resign themselves to renting for years to come. 

Buying a home is not an easy process, and it is not a possibility for everyone. However, many millennials may be unaware of the fact that home ownership is not out of the question for them. If you are still renting yet have the hope of having your own home in the future, it may be prudent to explore the legal and financial opportunities available to you.

Wills, other documents can address intangible and tangible assets

Although the value of living in the moment is often emphasized, the problem is that many people neglect to think big picture about their lives, including what will happen to their assets when they die. Specifically, what will happen to their intangible assets -- their digital properties? Here are a few tips for addressing these types of properties in addition to using wills to address tangible assets in New York.

When people pass away, their surviving loved ones might need to access a variety of accounts. These accounts may include, for example, banking, loan, 401(k), social media, email and bill accounts. In light of this, it may behoove the owners of these types of accounts to start using password managers. Once all of their passwords are recorded in one place, they can save this information on thumb drives and store these drives in envelopes. They can also print off this information and store it in folders or binders.

Commercial real estate offers a number of benefits

Nonresidential property investment has long been considered a great idea in New York and other parts of the United States. The question is whether investors should still view commercial real estate as a viable option in 2019. According to industry experts, they should for a number of reasons.

First, experts say that nonresidential properties consistently offer returns, which makes investing in them a better option than shared ownership. With the latter, ill-informed decisions by managers coupled with subpar market conditions may lead to rapid declines in shared values. With the former, however, investors can receive continual rental income and own properties that are lucrative to sell if they make smart investing decisions.

AI may enhance commercial real estate transactions

Artificial intelligence, commonly called AI, is impacting several sectors in New York and other states. For this reason, it may not come as a surprise that it will likely affect the world of commercial real estate as well. Based on real estate experts, AI may end up being helpful for investors and other market players by making the industry more profitable and service oriented.

However, AI has not yet infiltrated the commercial real estate field. Why? Because real estate is one sector where technology adoption appears to move at a relatively slow pace. Still, it may behoove the industry to adopt AI sooner than later to make completing real estate transactions more efficient.