Commercial Transactions: Acquisitions & Sales

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NY Real Estate Commercial Transactions: Acquisitions & Sales

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NY Real Estate Commercial Transactions: Acquisitions & Sales

Buying or selling commercial real estate in New York is a complex process driven by market forces, local regulations, and high-stakes negotiations. Whether you’re an experienced investor or first-time buyer, understanding the key steps in acquisitions and sales is essential for a successful transaction.

Pre-Contract Due Diligence

Before signing a contract, buyers and sellers should conduct thorough research to assess the property’s value and associated risks.

    • Title Review: Confirm the property is free of liens, encumbrances, or ownership disputes.
    • Environmental Assessments: Phase I and Phase II environmental site assessments may be required, especially for industrial or manufacturing properties.
  • Zoning & Use Review: Buyers must verify the current zoning and ensure that the intended use (e.g., retail, office, hospitality) is permitted.
  • Income & Expense Analysis: For income-generating properties, it’s recommended buyers review rent rolls, operating statements, and lease agreements.

Contract Negotiation

Purchase and sale agreements (PSAs) for NY commercial properties require careful legal review.

  • Contingencies: These may include securing financing, obtaining zoning approvals, or achieving satisfactory inspection results.
  • Deposit Structure: Typically, a buyer deposits a portion (often 10%) into escrow upon signing the contract.
  • Representations & Warranties: Sellers may be required to confirm the condition, occupancy, or legality of the property.

Financing & Structuring

  • Lender requirements: Most institutional lenders will require appraisals, title insurance, and legal opinions.
  • Entity Formation: Many deals are structured through LLCs or other entities for liability protection and tax benefits.
  • Tax Considerations: Tax strategies (like 1031 exchanges) can help defer capital gains taxes on sales.

Closing Process

  • Title Transfer & Recording: The deed is transferred and recorded with the Register’s Office.
  • Transfer Taxes: NYC and NY State impose real estate transfer taxes, which can significantly affect deal costs.
  • Prorations & Adjustments: Parties adjust for property taxes, rents, and operating expenses as of the closing date.

Post-Closing Considerations

  • Lease Assignments & Tenant Notices: For occupied properties, lease agreements need to be assigned, and tenants notified.
  • Building Permits & Renovation Plans: Buyers may begin filings with the Department of Buildings (DOB) if renovations are planned.

Why NY Deals Demand Expert Guidance

The fast-paced, high-value nature of NY commercial real estate requires precise attention. Local market knowledge, legal expertise, and thorough due diligence are vital to safeguarding your investment.

Considering a commercial property deal in NYC or NY State?
Our real estate attorneys are trusted advisors for complex, high-value transactions across all five boroughs and every county in the state.

CONTACT US

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I'm ready to face whatever comes next.

When I started this process 2 years ago, I could scarcely dream of being where I am today. I can’t overstate how valuable the law office of Schwartz, Conroy, and Hack has been in helping me overcome a desperate time in my life.  Michail Hack and Christine Kingsley in particular worked diligently to understand my complex medical situation and then expertly advised me through my claim process. They are caring and dedicated individuals.  I credit their sound guidance for the financial security I have been blessed with after my claim was approved.  I've been able to focus my time and attention on my health and my cherished family.  So far, I’m beating the odds and doing much better than my doctors predicted.  From the bottom of my heart, THANK YOU for everything!  I'm ready to face whatever comes next.

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SCH - Sincerity, Compassion, Honesty! Over the past decade plus, (when I retained) starting with the initial phone call, and consultation, not being told they would guarantee a successful outcome but being told they will fight on my behalf to the bitter end, left me feeling confident and comfortable that I had made the right decision. Over the years I've had the pleasure of interacting with many of the staff. To a person, they have all been professional and made me feel like family!!

Professional, Honest, Realistic, Compassionate! The firm is the epitome of those descriptive words.  My initial call to the firm over a decade ago - even prior to speaking to any attorney - was met with the upmost professionalism I have ever experienced dealing with any law firm. After my initial call, waiting for the attorney to return my call, I felt very comfortable retaining this firm. What I wasn't aware of at the time, was how honest they were, and how realistic they were in explaining my case to me. Whether or not, I would lose my case, I felt comfortable as well as knowing in my heart, they would fight to help me better than anyone else I could work with. Over the years, the staff, as a whole and everyone I've conversed with, has shown the utmost professionalism and compassion.

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It is with great pleasure that I write this letter of recommendation to other prospective clients of Quadrino Schwartz. I was a practicing General Dentist for 15 years when I began to have trouble with neck and arm pain. I was soon diagnosed with a Radiculopathy requiring rather invasive surgery. After exploring my surgical options and the risks associated, it was decided that I would take time off work to try to recover . My single doctor very busy practice simply could not stand to be left alone for more than a few weeks and the decision to sell the practice was made. Thinking that my disability policy would cover me during this time, I simply filled out the paperwork and submitted my claim. My insurance carrier did nothing for 6 months when they decided to simply deny my claim despite extensive medical documentation of my injury. I now knew I needed a lawyer to help me. Quadrino Schwartz was hired and Michail Hack took over my case. Despite me living thousands of miles away, from the very beginning his guidance was reassuring and he quickly developed a plan of action. The law firm continued to medically document my case, took over communication with the insurance company and let me concentrate on other things. After many phone conversations and countless letters written by the firm to my insurer, Quadrino Schwartz was able to obtain all of my benefits for me including 2 years of back pay. What I know now is that I should have sought out counsel from the beginning of my claim. I would encourage any dentist to look at their options when it comes to an attorney and ask simply do they have the experience to navigate what is likely the most important case of their lives. Mr. Hack and the firm simply knew exactly how to proceed from the very beginning and did so without hesitation. Hiring Quadrino Schwartz has made a huge difference to myself and my family and I am always grateful for all the hard work they put in for my case.
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