Kiritsis & Associates

 

Overview of Double Net commercial leases in New York.

Jul 26, 2021

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

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

 

A double net commercial lease is a net lease where the tenant pays rent, property taxes, and insurance. New York commercial leases may allow parties to waive certain statutory rights. With commercial lease cases, lawyers find client intake extremely important since each case is very fact specific.

 

The Constitution allows wide freedoms to contract or not to contract. As the default, courts construe commercial leases in a way that honors the intentions of the contracting parties.

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.

Based on an overview of this firm’s case files, singe net commercial leases may have become more popular since the COVID-19 pandemic. Double net residential leases can be highly risky and perhaps invalid for landlords since summary proceedings are often under the rigid Article 7 RPAPL regulations and procedures.

Many of the lease agreements (especially, many of the ones created through DIY (do it yourself) auto generating software or bare-bone store sold templates) did not account nor foresaw the catastrophic type of damages that would inflict both landlords and tenants after COVID-19.

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 special zoning classification uses or restrictions be included in New York real property leases, accounting for such uses by the tenant(s)?  Has the lease been reviewed and revised to account for any recent relevant changes in New York law? Do any rent regulation laws apply to the lease?

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:
 

New York non-rent regulated residential lease agreements.

New York rent regulated stabilized residential lease agreements.

New York commercial lease agreements.

New York industrial occupancy lease agreements.

New York warehouse storage lease agreements. Call our law offices at (212)–922–0005

New York medical space use lease agreements. 

New York spa and physical therapy related use lease agreements. 

New York professional service lease agreements, including: Accounting, Insurance, Medicine, Law, Architecture, etc.

New York jewelry and related use lease contracts. 

New York chemical and pest control related use lease contracts. Call our law offices at (212)–922–0005 

New York roommate use lease contracts. 

New York shared office space use lease contracts. 

New York netted lease contracts. 

New York double net lease contracts. 

New York commercial leases with time extension option provisions. Call our law offices at (212)–922–0005 

New York addendum and side deal real property lease contracts. 

New York existing lease assumption lease contracts. 

New York cancellation of residential lease contracts. 

New York restaurant and related use lease contracts. 

New York deli and bodega related use lease contracts. Call our law offices at (212)–922–0005 

New York bar and tavern related use lease contracts. 

New York religious institution and related use lease contracts. 

New York Hinduism temple and related use lease contracts. 

New York 501 (c) 3 organization and related use lease contracts. 

New York lease contracts with option to purchase clause. Call our law offices at (212)–922–0005 

New York tax favored lease contracts. 

New York agriculture and related use lease contracts. 

New York timber related use lease contracts. 

New York laboratory and medical testing related use lease contracts. 

New York buffet-style restaurant use lease contracts. Call our law offices at (212)–922–0005 

New York condo lease contracts. 

New York condo co-op lease contracts. 

New York co-op-type building premises lease contracts. 

New York single family dwelling lease contracts. 

New York three family dwelling lease contracts. Call our law offices at (212)–922–0005 

New York multi-family property lease contracts. 

New York commercial use building premises lease contracts. 

New York locker room/storage type lease contracts. 

New York laundromat and other related use lease contracts. 

New York florist, botanical, and horticulture use lease contracts. 

New York municipal related use lease contracts. 

New York hostel and other related use lease contracts. 

New York master lease contracts. 

New York hypothecating, Fulton

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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
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