Kiritsis & Associates

 

Overview of Triple Net commercial leases in New York.

Jul 26, 2021

Law Offices of Kiritsis & Associates.Phone: (212) – 922 – 0005.
Author: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

A triple net commercial lease is a net lease where the tenant is responsible for rent, maintaining the premises, and other property charges like utilities and taxes. A party that fails to properly plan to approach a commercial lease will waste much time reviewing and negotiate the lease later on. The planning above does NOT account for non-real property.

 

Construing leases is often a matter of law. A jury will rarely resort to the parole evidence rule. Parties should NOT rely on courts to construe better bargains than those the lease provides.

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. Double net residential leases may be more popular for retail store premises, especially in Manhattan, Queens, and Brooklyn. Even with triple net commercial leases, security deposits are typically the landlord’s asset.

Many of the lease agreements (especially, many of the ones created through do-it-yourself autogenerating software or bare-bone store sold templates) did not account the catastrophic damages, that would inflict 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:

 

Non-rent regulated residential lease agreements of New York.

Rent regulated stabilized residential lease agreements of New York.

Commercial lease agreements of New York.

Bank/financial institution use lease agreements of New York.

Gym and other recreational related use lease agreements of New York. Call our law offices at (212)–922–0005

Jewelry and related use lease agreements of New York.

Chemical and pest control related use lease agreements of New York.

Roommate use lease agreements of New York.

Triple net lease agreements of New York.

Real property lease agreements of New York. Call our law offices at (212)–922–0005

Lease agreements modifications of New York.

Cancellation of real property lease agreements of New York.

Cancellation of commercial lease agreements of New York.

Gas station and related use lease agreements of New York.

Food establishment and related use lease agreements of New York. Call our law offices at (212)–922–0005

Liquor store and other related use lease agreements of New York.

Parking space and garage related use lease agreements of New York.

Church and related use lease agreements of New York.

Synagogue and related use lease contracts of New York.

Hinduism temple and related use lease contracts of New York. Call our law offices at (212)–922–0005

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

Lease contracts with option to purchase clause of New York.

Tax favored lease contracts of New York.

Agriculture and related use lease contracts of New York.

Poultry related use lease contracts of New York. Call our law offices at (212)–922–0005

Mineral rights related use lease contracts of New York.

Laboratory and medical testing related use lease contracts of New York.

Buffet-style restaurant use lease contracts of New York.

Landlord-focused and customized lease contracts of New York.

Construction project centered lease contracts of New York. Call our law offices at (212)–922–0005

Co-op lease contracts of New York.

Condo-type building premises lease contracts of New York.

Condo co-op building premises lease contracts of New York.

Two family dwelling lease contracts of New York.

4-plex property lease contracts of New York. Call our law offices at (212)–922–0005

Mixed-use property lease contracts of New York.

Industrial use property lease contracts of New York.

Postal office box related use lease contracts of New York.

Carwash and other related use lease contracts of New York.

Hair saloon and related use lease contracts of New York. Call our law offices at (212)–922–0005

Governmental entity organization related use lease contracts of New York.

Adults-only recreational use lease contracts, including strip clubs, Marijuana dispensaries, etc. of New York.

Co-op propriety lease contracts of New York.

Drafting lease contracts of New York.

Lease contract and document review services of New York. Call our law offices at (212) – 922 – 0005

 

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.

 

Sources:

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):
1023 74th Street
Brooklyn, NY 11228
1st Floor

New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
2nd Floor 

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Phone: 212-922-0005

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