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Bronx Real Estate Law Blog

A basic understanding of commercial lease agreements

As a business owner, you understand the difficulty of finding space that is affordable and suited for the needs of your business. Once you find a commercial space that will work, you may be tempted to sign on the dotted line and move forward as quickly as possible. In reality, that may not be the most prudent course of action.

Commercial leases differ from residential leases in many ways, and it's in your interests to learn how you can protect your company at every step. There are specific things you can negotiate, and you will want to fully understand the limits of commercial lease contracts and the protections that this type of contract can offer your New York small business.

Residential real estate appears to be revving up

Over the past several months, real estate experts have been fearful of the slowdown of the housing market and its potential effect on the economy. The good news is that this slowdown now appears to be on the verge of ending. Both residential real estate sellers and buyers in New York can benefit from this positive market trend.

The softening of the residential real estate market began in the summer of 2018. More homes for sale were cropping  up, but the number of sales was subpar when compared with the past. Fortunately, this trend is expected to reverse in the fall, meaning that the sales of homes -- and their prices -- should be on the rise.

Low-ball offer on residential real estate may work

When people shop for homes in New York, they understandably want to purchase residences at the most competitive prices possible. For this reason, it is not unusual for buyers of residential real estate to make low-ball offers. It is possible to get these types of offers accepted by employing a few strategies.

First, it may behoove a person who plans to make a low-ball offer to offer a high earnest payment. The higher the payment is, the more assured the seller may feel that the buyer will complete the deal. In addition, it is best to keep the remainder of the purchase offer free from any complications, like extra inspections.

Do-it-yourself development of wills can be risky

People in New York may be tempted to try to handle estate planning on their own. This includes creating wills and other estate planning documents without legal assistance. However, engaging in do-it-yourself estate planning by simply downloading and printing out legal forms online carries many risks.

A major problem with do-it-yourself estate planning is that New York, like other states, has strict laws regarding how to execute wills and other legal documents. If these rules are not followed, the documents will not be deemed valid. Unfortunately, many people download forms without knowing how to make them valid or whether they are even the right forms in the first place.

Creating wills a wise move for all adults

Many people in New York put estate planning on the back burner, as they do not view it as an immediate need. However, putting off the creation of wills and trusts is not a wise idea, as death can strike at any time. Here is a look at what estate planning involves and why it is so critical to complete.

Estate planning is essentially the process of planning for the distribution of assets when one dies. The purpose of this process is to protect people's family members from any complications related to their finances and assets when they pass away. Even if people do not have many assets, or if they have debts, they receive the same exact privileges that wealthy individuals do when it comes to their assets' disposal upon their deaths.

What recent legislation could mean for New York tenants

If you rent property in New York, you understand how difficult it is to find an apartment or place to live that is in your budget and meets the needs of your family. Real estate in the city is pricey, and for years, landlords have had the ability to increase rent at rates that many tenants cannot afford. However, recent legislation could change that. 

New York state lawmakers recently passed a measure that would prohibit landlords from sharply increasing rent. The measure also includes terms that pertain to things such as security deposits and lawful eviction processes. While many tenants throughout the city celebrated this news, it leaves landlords wondering how they will keep up with the costs of maintaining buildings, paying insurance and more. Others feel that it offers the most benefit to high-income renters.

Commercial real estate investors tapping into crowdfunding

The sector of non-residential properties remains among the most lucrative and largest asset classes in the United States. In fact, the market for commercial real estate in New York and elsewhere is valued at around $6 trillion. However, just a small group of people were able to access these properties in the past. Nowadays, more people can take advantage of them thanks to crowdfunding.

Crowdfunding is where individual investors may make real estate purchases through an online marketplace. The types of buildings they can purchase through crowdfunding include warehouses, office towers, hotels, apartment buildings for multiple families and malls. Because of these types of marketplaces, typical investors no longer have to use publicly traded exchanges to do investing. Tens of thousands of accredited investors have already used the popular platform CrowdStreet to invest in real estate.

Alternative lending may help commercial real estate investors

Some banking institutions in New York are not quick to lend money to investors, as they lack confidence in the economy. Alternative lenders are therefore rising up to offer capital to investors who are interested in buying commercial real estate. Up to now, record quantities of capital have been raised for this purpose.

Banks continue to be hesitant to lend money to commercial real estate investors, despite the fact that the recent financial crisis happened over a decade ago. Traditional lenders are particularly insecure when it comes to providing capital for new construction. The good news for investors is that more developers are taking on lending roles, so they may still be able to access capital even if banks deny them loans.

Wills, trusts important for single parents to create

Estate planning is critical for all families, including single-parent families. Unfortunately, many of these families in New York and elsewhere fail to create wills or set up trusts. Here are some tips specifically for putting together trusts as part of the estate planning process.

It is wise to create a trust that can accept money from the estate of the deceased single parent, including funds from individual retirement accounts and retirement plans. Ideally, the trust should also be able to receive life insurance settlements as well as other settlements, judgments or claims. In addition, the trust can name the intended guardian of the deceased parent's child, which may be the other parent. However, if the other parent is listed, it may be wise to also include any alternates should the other parent not be granted custody of the child.

Doing research a wise move before selling residential real estate

According to new research, people who are interested in selling their homes across the United States, including in New York, have a tendency not to want to conduct relevant research first. Instead, they prefer to rush into the process of selling their residential real estate properties. Unfortunately, this can have unwanted consequences for homeowners.

Based on a recent study, 94% of homeowners feel self-assured when it comes to selling their homes. However, under 60% of home sellers who had sold their homes in the past spent under three hours researching the process. The statistic shows that many home sellers are confident about the process of selling their homes, despite the fact that they have not done their due diligence before embarking on the process.