Donald M. Pepe
Partner
732-568-8370 dpepe@sh-law.com
Commercial Real Estate
New York City offers a wealth of real estate possibilities. At the same time, its unique regulatory landscape often poses challenges. Scarinci Hollenbeck’s, LLC commercial real estate lawyers have the extensive knowledge and experience needed to help our clients successfully pursue opportunities while minimizing the risks of costly delays and legal headaches.
Key Contacts
Commercial Real Estate
Overview
How Do Commercial Real Estate Lawyers Help?
Our NYC-based real estate team regularly counsels clients on issues related to a wide range of issues, including property acquisition, development, management, and disposition. Our core areas of service include:
- Due diligence analysis for buyers, sellers, and lenders
- Financing transactions, representing borrowers and lenders
- Joint ventures and partnerships
- Landlord/tenant disputes
- Leases (drafting, negotiating, and reviewing)
- Regulatory compliance, including rent regulations
- Residential, commercial, and mixed-use condominiums and co-operatives
- Property assemblage
- Property development and development projects
- Tax matters
- Opportunity Zones
- Zoning and permitting issues
Our New York City real estate attorneys also counsel clients regarding administrative issues, such as New York’s rent stabilization and rent control laws, including the Major Capital Improvement (MCI) program; subsidized housing programs, such as the Mitchell-Lama program; tax benefit programs, such as the Industrial and Commercial Abatement Program; and zoning/permitting approvals from the Department of City Planning, Board of Standards and Appeals and Landmarks Preservation Commission.
We have also represented clients before various administrative agencies, such as the New York State Division of Housing and Community Renewal (DHCR), New York City Department of Housing Preservation and Development (HPD), Department of Buildings (DOB), and Environmental Control Board (ECB).
Business Real Estate Attorney Experienced in NYC Real Estate Development
The attorneys at Scarinci Hollenbeck, LLC have extensive experience representing real estate developers, tax-exempt organizations, and other investors in the acquisition, development, and sale of real estate. We advise our clients on transactions ranging from single-asset deals to multi-jurisdictional portfolio acquisitions involving virtually all asset classes, including industrial, multifamily, retail, office, hospitality, and alternative assets. Often, these transactions involve creative financing arrangements, complex ownership structures, and tax-planning strategies, including 1031 exchanges. We also regularly assist clients in structuring sale-leaseback transactions for clients seeking to transfer ownership obligations and handle transfers of ownership of properties involved in corporate merger and acquisition transactions.
Our attorneys also have substantial experience in negotiating and structuring joint ventures to facilitate real estate investment and development transactions. Our services include representation of institutional and high-net-worth individual investors seeking equity investment opportunities, as well as developers and other borrowers in a volatile market seeking loan restructuring (in and out of court), inter-creditor arrangements, and workouts through multi-party joint ventures, mezzanine, and bridge financing.
Why Chose Us?
Whether you are a buyer or seller of residential property, a commercial real estate developer, an investor, or a business owner seeking a site for your enterprise, engaging in successful transactions depends on having the guidance of an experienced business real estate attorney.
Our talented NYC commercial real estate team has the broad legal knowledge and industry experience required to successfully navigate the most complex real estate transactions. By collaborating with a respected network of real estate professionals, including environmental consultants, realtors, title agencies, and lenders, Scarinci Hollenbeck’s, LLC commercial real estate lawyers work diligently to ensure that your transaction is handled professionally and expediently. When obstacles arise, you can count on us to come up with innovative and cost-effective strategies that not only move your transaction forward but also position you for long-term success.
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FAQ about Commercial Real Estate
When advising clients on NYC development projects, one of the most common mistakes we see is failing to allow for foreseen delays and costs. Surprises in the development process, such as labor/material shortages, permitting delays, and undiscovered environmental contamination, can quickly escalate costs and deplete a small contingency. With a larger reserve in place, developers aren’t forced to scramble to secure more funding. A sizable financial cushion also helps ensure that surprises don’t derail the project completely. Our commercial real estate lawyers help clients secure sufficient financing to account for potential issues in the development process. When surprises arise, we also spring into action to find cost-effective solutions.
Like-kind exchanges involve exchanging real property used for business or held as an investment solely for other business or investment property that is the same type or “like-kind.” Under Internal Revenue Code Section 1031, if you make a like-kind exchange, you are generally not required to recognize a gain or loss. However, because of the technical tax regulations involved, it is always advisable to consult with an experienced business real estate attorney to determine if your transaction qualifies.
New York law, Real Property Actions and Proceedings Law (RPAPL) Section 881, authorizes a judicial license where a neighboring property owner or lessee has refused permission to access its property for necessary improvements or repairs. While developers can often directly negotiate written license agreements with neighbors, RPAPL § 881 authorizes courts to grant licenses through a special proceeding in cases where neighbors refuse access. Under the statute, licenses shall be granted by the court in an appropriate case upon such terms as justice requires. License orders typically provide rulings on key issues, such as license term, license fee, indemnification, insurance, and repair of damages.
Title insurance protects against any undiscovered title defects. If a title dispute subsequently arises during or after a sale, the title insurance company is generally responsible for covering any associated legal expenses. Title insurance is particularly important concerning commercial real estate transactions. Various endorsements are available to protect purchasers and lenders from more than just title defects. For instance, endorsements can cover additional issues, such as zoning concerns and environmental issues.
When reviewing a purchase and sale agreement or commercial lease agreement, it is imperative to also thoroughly review any riders or addendums that may be attached. Riders often address issues unique to the transaction that are not covered in standard P&S forms. Additionally, the parties may add riders rather than make significant amendments to a form P&S. For instance, mortgage contingency riders will specify who can cancel the contract if the buyer is unable to obtain financing and under what circumstances. The rider may also address when extensions of time for obtaining a mortgage may be granted and the process for granting extensions. Where contamination is suspected or confirmed at the property, an environmental contamination rider is included to address the rights and obligations of the parties about remediation. An access rider, which sets forth whether, and under what circumstances, the buyer or lessee will have access to the property before the conclusion of the transaction, is also common. Given the impact commercial real estate riders can have on your rights and obligations, it is essential to consult with a team of experienced commercial real estate lawyers who can negotiate an agreement that protects your best interests.
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Why Choose Us?
Dedicated attorneys
At Scarinci Hollenbeck, our attorneys are forward-thinking professionals dedicated to the ongoing enhancement of their legal expertise. They stay informed of legal developments, engage in professional bar associations, contribute to legislative initiatives, and actively engage in speaking opportunities—all to provide the highest quality service possible.
Strategic Counsel
In today's dynamic economy, businesses face complex challenges. We understand that these challenges require innovative, multi-faceted solutions. Through a collaborative, cross-practice approach, our attorneys leverage a wealth of experience across various legal disciplines to devise effective strategies tailored to meet our clients’ needs.
Proven Experience
For over 35 years, Scarinci Hollenbeck has offered comprehensive legal services to businesses both locally and globally. Our attorneys draw on extensive industry knowledge, representing clients in sectors such as real estate, entertainment, technology, and energy. We take pride in the successful outcomes we consistently achieve.
Client-First Focus
Our commitment to being a client-first law firm is rooted in open communication, meticulous attention to detail, and adaptability. We work closely with clients to ensure a transparent process, earning their trust through comprehensive guidance. This steadfast commitment is why clients continue to rely on us for their most complex legal challenges.
