BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Conditional limitation clauses are provisions in commercial leases that impose certain conditions on the tenant’s use of the leased premises. These clauses typically restrict or limit the tenant’s ability to use the space for specific purposes unless certain conditions are met. In New York City (NYC), […]
Category: Commercial Property
In New York City, can a zoning lot consist of more than one tax lot?
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Yes, in New York City, a zoning lot can consist of more than one tax lot under certain conditions. Zoning lots and tax lots are two distinct concepts that are used in land use and property regulation, and they have different purposes. Here’s an explanation of […]
Buying Development Rights in NYC
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Buying development rights, also known as air rights or transferable development rights (TDRs), in New York City (NYC) involves the purchase of unused or underutilized development potential from one property to be transferred and used on another property. This process allows property owners to increase the […]
NY Courts legally enforcing Yellowstone Injuction waivers
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M A “Yellowstone injunction” is a legal remedy available in New York State that allows a commercial tenant to seek a court order to stop a landlord from terminating a lease due to alleged lease violations or defaults. When a tenant seeks a Yellowstone injunction, they are […]
A NYC seller’s legal guide for selling commercial condominium units
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Selling a commercial condominium unit in New York City (NYC) involves a series of legal steps to ensure a smooth and legally compliant transaction. Here’s a guide for sellers to navigate the process: Consult Legal Counsel: Engage an experienced NYC real estate attorney who specializes […]
Security Deposit Regulations in NYC Commercial Leases
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Here’s a general overview: No Statutory Limit: Unlike residential leases, there is no statutory limit on the amount of security deposit a landlord can request for commercial leases in NYC. Landlords and tenants are generally free to negotiate the terms of the security deposit based […]
“Good Guy” guaranty clauses in NYC Commercial Leases
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M A “Good Guy” guaranty is a common provision in commercial leases, particularly in New York City (NYC). It is a type of personal guaranty that provides certain protections to both landlords and tenants in the context of commercial lease agreements. Here’s an overview of “Good Guy” […]
The nuts and bolts on the NY laws involving Yellowstone Injuctions
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M A Yellowstone injunction is a legal remedy available in New York to commercial tenants facing a potential eviction due to alleged lease violations or breaches of lease terms. It allows the tenant to maintain their lease while resolving disputes or alleged breaches through the legal process. […]