Kiritsis & Associates

 

How formal does a New York lease for commercial real property have to be for it to be legally enforceable?

Jul 26, 2021

Kiritsis Law Group Phone: (212) – 922 – 0005.

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

New York does not impose any formality requirements for commercial real property leases to be legally binding and enforceable. In New York, chattel is NOT considered real property. Leases with governmental parties are beyond the scope of this legal guide.

 

Landlords often favor net leases because they absolve landlords from duties to maintain the property.  There may be New York case laws where an informal memorandum functions as a legally binding and enforceable written lease.

Besides legal regulations, there may be practical reasons, that would compel landlords and tenants alike, to have their lease agreement contractual documents, be recorded for public filing purposes. Those reasons can involve any one or more of a myriad of situations, such as: part of a broader loan/mortgage type of agreement (i.e. as it concerns to a lender's/underwriter's due diligence process, during a mortgage financing type of situations), tax substantiation reasons with regards of an ongoing and/or potentially prospecting upcoming tax audit, part of a wider range of zoning/variance controversy situation.

 

One cannot be too formal when judicially enforcing a commercial lease. A real property lease lasting less than 1 year may still be binding, even if entered orally.

Many of the lease agreements (especially, many of the ones created through diy (do it yourself) (do it yourself) autogenerating software or bare-bone store sold templates) did not account nor foresaw the catastrophic type of damages, that would inflict both landlords and tenants at the post Covid 19 pandemic era.

 

To better assist in a quest of further analyzing this type of question(s) as revolving per this legal guide article, it may be useful to make additional inquiries, such as: Should any pertaining lease documents be filed as a public recordation?  Is it possible to make a county-specific public recordation of the pertaining lease documents? Is it permissible to have the lease be freely assignable?

 

Our firm can help you draft, review, negotiate, and execute any type of New York real property lease agreement. We are open seven days a week from 8 a.m. to 8 p.m. We offer prospective clients both exhaustive and comprehensive leasing law practice services, including the following:
 

Non-rent regulated residential lease agreements.

Rent regulated stabilized residential lease agreements.

Commercial lease agreements.

Industrial occupancy lease agreements. Call our law offices at (212)–922–0005

Warehouse storage lease agreements.

Medical space use lease agreements. 

Spa and physical therapy related use lease agreements. 

Professional service lease agreements, including Accounting, Insurance, Medicine, Law, Architecture, etc.

Safety deposit/vault use lease agreements. Call our law offices at (212)–922–0005 

Shared office space use lease contracts. 

Netted lease contracts. 

Double net lease contracts. 

Commercial leases with time extension option provisions.

Addendum and side deal real property lease contracts. Call our law offices at (212)–922–0005 

Existing lease assumption lease contracts. 

Cancellation of commercial lease contracts. 

Restaurant and related use lease contracts. 

Deli and bodega related use lease contracts. 

Bar and tavern related use lease contracts. Call our law offices at (212)–922–0005 

Religious institution and related use lease contracts. 

Morgue and related use lease contracts. 

Buddhist temple and related use lease contracts. 

Non-profit and related use lease contracts. 

Lease sales back terms lease contracts. Call our law offices at (212)–922–0005 

Development site lease contracts. 

Farming related lease contracts. 

Livestock related use lease contracts. 

Timber related use lease contracts. 

Oil drilling related use lease contracts. Call our law offices at (212)–922–0005 

Riparian and water rights related use lease contracts. 

Dining hall use lease contracts. 

Co-op lease contracts. 

Condo-type building premises lease contracts. 

Condo co-op building premises lease contracts. Call our law offices at (212)–922–0005 

Two family dwelling lease contracts. 

4-plex property lease contracts. 

Commercial use building premises lease contracts. 

Locker room/storage type lease contracts. 

Laundromat and other related use lease contracts. Call our law offices at (212)–922–0005 

Florist, botanical, and horticulture use lease contracts. 

Municipal related use lease contracts. 

Hostel and other related use lease contracts. 

Master lease contracts. 

Hypothecating, equity-utilization, leveraging lease contracts. Call our law offices at (212)–922–0005 

Negotiating lease contracts.

 

We offer prospective clients services throughout the state of New York, including the following counties:

 

Albany

Allegany

Bronx

Broome

Cattaraugus

Cayuga

Chautauqua

Chemung

Chenango

Clinton

Columbia

Cortland

Delaware

Cutchess

Erie

Essex

Franklin

Fulton

Genesee

Greene

Hamilton

Herkimer

Jefferson

Kings

Lewis

Livingston

Madison

Monroe

Montgomery

Nassau

New York

Niagara

Oneida

Onondaga

Ontario

Orange

Orleans

Oswego

Otsego

Putnam

Queens

Rensselaer

Richmond

Rockland

St. Lawrence

Saratoga

Schenectady

Schoharie

Schuyler

Seneca

Steuben

Suffolk

Sullivan

Tioga

Tompkins

Ulster

Warren

Washington

Wayne

Westchester

Wyoming

Yates

 

You can call use today for a FREE initial consultation with a licensed New York real estate attorney at (212) – 922 – 0005.

 

We offer a number of fee payment options, including Flat, Hourly Rate, Mixed-type (various payment plans combined).

 

We accept all standard methods of payment, including Cash, Personal check, Business check, Cashier check, Bank check, Money order, Debit card, most Credit Cards.

 

We also sell template-type products, including legal guide pamphlet-style booklets.

For more information on any of the above services and products, or any type of legally related service product, contact us at any of our New York and New Jersey branch affiliates.

 

For more information, you may want to look up the following source materials:

 

New York Constitution

New York City Bar Association

New York Department of Finance

New York State Society of CPAs

General Obligation Law (GOL) §5-702, §5-703

 

NY RPL §226

NY RPL §232

NY RPL §237

 

Hiles v. Fisher, 144 N.Y. 306 (1895)

Lawriv v. Cit of Rochester, 14 A.D.2d 13 (4th Dept. 1961)

Minja K Co. v. Randolph, 140 A.D.2d 245 C 1st Dept, (1988)

Scutti Enterprises, Inc. v. Wackermain Cuchone Custom Builders, Inc., 153 A.D.2d 83 (4th Dept. 1989)

Witter v. Taggart, 78 N.Y.S.2d 234 (1991)

Bonton v. Williams, 42 A.D.3d 795 (3rd Dept. 2007)

Wells Fargo Bank N.A. v. Marchione, 69 A.D.3d 204 (2nd Dept. 2009)

Meyers v. Rosen, 69 A.D.3d 1095 (2nd Dept. 2010)

Pritsiolas v. Apple Bankcorp, Inc., 120 A.D.3d 647 (2nd Dept. 2014)

Kheel v. Molinari, 165 A.D.3d 1576 (3rd Dept. 2018)

 

Law Offices of Kiritsis & Associates
Phone: 212 922 0005

Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Suite 1306

Brooklyn Office (By Appointment Only):
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Brooklyn, NY 11228
1st Floor

New Jersey Office:
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