ACQUISITION OF COMMERCIAL PROPERTY

Acquiring a commercial property in the New York City area can be an excellent financial investment — but it can also be extremely risky. In some parts of the city, property can be priced right down to the square inch. Commercial realtors will help you find the right investment property, but they stop short of handling the due diligence that is necessary to make sure your investment pays off.

If you are considering buying or joining an investment group to purchase commercial property in the New York City metropolitan area or surrounding counties, arrange a free consultation with a COHEN & COHEN PERSONAL INJURY LAWYERS, P.C. attorney before you sign anything. Our attorneys have been helping people realize their commercial property ownership and investment objectives for more than 10 years. We understand the legal issues that can help make an investment more secure, and we can recognize issues that may rot away the foundation of your financial goals.

Before purchasing a commercial property in Queens or anywhere in the New York City metropolitan area, call us. We work with local investors as well as statewide and out-of-state clients who have real estate interests in the New York City metropolitan area.

WHAT IS A CERTIFICATE OF PROPERTY?

Before you make a legally binding offer on a commercial property, it is critical that you know whether local zoning regulations will allow you to use the property for your intended purpose. The certificate of property may restrict the use of the building as a community facility, meaning you may only lease to certain types of businesses such as a doctor’s office or church.

WHAT IS AN ESTOPPEL CERTIFICATE?

A certificate of occupancy will reveal who is leasing space in the building and the terms of the lease agreements. An estoppel certificate is a signed agreement from the current owner’s mortgage lender stating whether there are any tenant claims against the landlord or outstanding payments due, for which the new buyer may be responsible.

YOU HAVE A REALTOR. WHY HIRE A LAWYER?

Hiring an attorney to represent your rights and financial interests can help you save a significant amount of money. Real estate agents get paid on commission and only after the deal closes. They will do everything they can to protect the success of the transaction and may not want you to know what lies beneath the surface of the commercial property acquisition. We will dig deep to uncover restrictive covenants, pending disputes and litigation, and environmental issues that may have a significant impact on the value of your investment.

IF YOU WANT TO BUY NEW YORK COMMERCIAL PROPERTY, WE CAN HELP.

We provide a free, no-obligation case evaluation. You will find our retainer and fees reasonable, based on responsible and clear billing policies. From wherever you are in New York or across the nation, call (718) 275-7779 or use our email contact form to send a brief description of your legal needs. Our office will contact you to arrange a consultation with one of our Forest Hills real estate attorneys as soon as possible.