Commercial Lease Laws in New York
Don't sign a lease in New York until you understand the local statutes, tax implications, and common landlord traps.
Key Statutes & Considerations
Standard in NY: A limited personal guaranty that releases you from future rent if you vacate the space and give proper notice.
Tenants in Manhattan (south of 96th St) with high rent may owe an extra 3.9% Commercial Rent Tax.
Common Red Flags in New York
Commercial real estate in New York typically favors the landlord in standard lease drafts. Whether you are in Albany or elsewhere, you need to watch out for:
- Uncapped NNN Charges: Variable costs like property taxes and insurance can skyrocket.
- Broad Indemnification: Clauses that require you to pay for the landlord's negligence.
- Relocation Clauses: Rights for the landlord to move your business to a worse location.
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Frequently Asked Questions
Is a Triple Net (NNN) lease legal in New York?
Yes, NNN leases are the industry standard for commercial retail and office space in New York. They shift the burden of property taxes, insurance, and maintenance to the tenant.
Can I negotiate my commercial lease in New York?
Absolutely. Unlike residential leases, commercial leases are presumed to be negotiated between equal parties. Never sign the first draft.