Coronavirus Hits The New York Retail Real Estate Market

No cap, the coronavirus pandemic has eaten deep into the root of the world’s economy. The New York retail real estate market is no exception. This doesn’t come as a surprise. With the majority of New Yorkers staying indoors due to the nationwide lock down, the general economy has taken an ugly blow resulting in various sectors of the economy facing financial stress. The supply constraints have much weighed down some sectors, most notably the real estate market.

What The Statistics Is Saying

With the retail real estate market in New York City been persistently bombarded by the COVID-19 pandemic, so much have been laid at stake here, according to a new report. The unsteady rental rates are not expected to take a positive leap anytime soon. Even after this pandemic, there’re some expected changes in the New York real estate market. What is left to decipher is how far can these changes go?

At the end of the first quarter, Q1 of the year, which started in January and ended on March thirty-first, NYC’s average retail asking rents encountered a progressive fall. According to the CBRE reports, an average of the City’s neighborhoods, surveyed showed a significant annual drop of 9% to$714 per square foot.

Also, the report showed that the Upper East Side and Upper West Side is experiencing a massive decline in rent. This is the tenth recorded serial drop in quarterly view of NYC retail real estate market and by far the worse. In Times Square, the bearish ratio is the highest for the first time since 2011. The previous year witnessed a 15.7% drop to $1,647 per square foot for average rents. Presently, the ratio stands below $1,800 per square foot, according to the CBRE report.

SoHo seems to be the hardest hit, as a corridor there now falls at 30.1% to $420 per square foot from $600 per square foot a year ago. Some of the most high-brow listings are up at a cheaper deal, as this is aimed at attracting buyers.You might just as well consult with your real estate attorney before closing off any real estate deal at this critical time. The report finally said posited that as long as social distancing and foot traffic is restricted, the retail sector will still be under much pressure.

The Implication Of The Hit

Generally, in the real estate sector, the pandemic seems to have already generated a trend. If for anything, it enhanced an already existing pattern. For instance, the demand for online shopping is now at an all-time high. Diverse aspects of New York’s real estate business will be affected even after the end of this general health crisis.

The rental apartment sector should be ready to handle tenants who may have lost their income, and as such, unable to make coming months’ rents. So far, the US government has temporarily prohibited evictions. Major mortgage lenders have also suspended mortgage payments.

Although there’s generally peculiar regard of uncertainty in the real estate market after the virus has run its course, there are still some clear speculations. The ripple effect of this health crisis will greatly hit stores and restaurants and then down to real estate investors.

The longer-term impact of this national lock down in NY tends to be more beneficial to the single-family-built-for-rent business, as more people will now seek apartment spaces to set up office and work from home for a long time. The office sector so far seems more likely to suffer the most, as some workers may even negotiate the possibility of working from home permanently with their employers. However, all hope in increased demand in office space and the general retail business is not lost yet.

Stay Safe!

Real Estate Sale At NYC Firm

Sell Your Home In 2019, Not 2020- Here’s Why

Hardly any individuals are anticipating that 2019 will be a record breaking year for home costs. In any case, 2019 may be the best time for you to make your home available. Particularly in case you’re going back and forth about selling this year or next, Nick Ron, CEO of House Buyers of America, suggests going with a fallen angel you know as opposed to the demon you don’t. On the off chance that you purchased your home in the most recent year or two, still love it and would not prefer to part with it, feel free to hold up an additional five years before returning to the idea of selling. You can do this because there will most likely still be buyers on the market when you do decide to sell. Yet, in case you’re gauging your choices to sell, thinking about selling this year or perhaps the year after, don’t play the cat-and-mouse game. Home value development eased back in the second part of 2018, with fewer purchasers entering the market, in part because of rising financing costs issued by the Federal Reserve. This is a second reason as to why selling now will be a superior choice as oppose to holding off until 2020. In 2019, purchasers shouldn’t anticipate that home buyers should flood the market again and drive costs up really high, but on the other hand it’s probably not going to be an emergency for home vendors. If you take this advice and decide to sell your house, you are going to need an attorney.

The Law Office of Robert Aronov and Associates has an experienced NYC based real estate law team who can assist you with your purchase.

NYC Homes Right To Left

Buying Your First Home in NYC: What To Know

Purchasing your first house is no small task. Many times, people rush too fast into becoming homeowners because it’s seen as a sign of maturing and being financially independent. But becoming the owner of a home is a big commitment, there is no guarantee that you’re making a good investment, and it’s a very tiresome process. Home ownership can be a smart long-term move, but you want to know what you’re getting into. In order to stay informed throughout the entire home purchasing process, you’ll need a good Real Estate lawyer. Your lawyer will guide you along the way and make sure that you purchase your house while abiding by the law. If you are interested in buying a home, the law office of Robert Aronov and Associates can assist you in doing so.

commercial lease rent laws contract

 New Rent Reform Laws in NYC Stirs Trouble For The Real Estate Industry

With new legislation passing in New York, tenants of rent regulated apartments throughout NY will be benefiting from new protections due to a landmark bill that amended the rent laws. The Real Estate industry has been opposing this bill for a long time and it will have a negative effect on them. Governor Cuomo said in regards to this bill that he hoped to make housing more affordable. Many things that tenant advocates have pushed for were given to them in this bill. They called for “universal rent control” such as putting an end to high rent vacancy deregulation and protections against unnecessary major capital improvements. Landlord groups are livid and vowed to reject and fight the bill as much as possible. One thing in particular that they want to fight is the clause that makes these reforms permanent, and a lawsuit is coming in the near future. Some real estate groups have said that this new legislation may make affordable housing even harder to achieve. This is due to the fact that it will throw off the balance between protecting rents and buildings taking in enough money to compensate for the maintenance.

NYC Legal Advertising Laws

CT Officially Becomes 1st To Accept New ABA Rules: NY Next?

Recently, the State of Connecticut adopted the new rules which modernize the rules on attorney advertising. These rules are meant to simplify litigation advertising for lawyers and consumers. Following this news, it is now expected that more states will follow in Connecticut’s footsteps and adopt these laws as well. These changes were made as a response to the Association of Professional Responsibility Lawyers who reported that the rules must be more consistent, clear and concise. Changes were made in regards to communications concerning a lawyer’s services, specific rules concerning communication about services, and solicitation of clients. These revisions will go into effect on January 1, 2020. The rule changes will greatly affect a lawyer’s ability to keep up with new advertising technologies. With these changes great results will follow such as consumers having a clear idea of what their lawyers can offer them to help solve their legal issues. Law offices in the state of New York such as the law office of Robert Aronov & Associates have already successfully taken on new methods of advertising their services and many more will follow.

Commercial Real Estate Law Banner


You’ve found the perfect commercial property and are happy with the rent, but don’t ever sign anything until you’ve had a lawyer look at the document! It’s tempting to skip that step to fast-track the process, but a commercial real estate lease lawyer can save you a lot of stress, money and legal headaches. Here are some reasons why.


Since the landlord prepared the contract,you can guarantee that it will favor him. He probably hired a lawyer too before he gave that to you. So you need someone to protect your interests and make sure that the provisions aren’t unfair. Just remember that Commercial Real Estate Lawyers will actually check every detail of the lease.

Most commercial leases are long, full of technical legal jargon, and impossible for a layman to really understand.Honestly, most people don’t read all the papers. A lawyer will go through each clause and double check details. He may bring up important issues that aren’t covered in the contract, such as rent protection or a cap on Common Area Maintenance Fees. Since a commercial real estate lease lawyer specializes in these types of contracts and has handled several cases, he knows the scenarios that you need to be protected from.


 There was one woman who rented a commercial  space for a nail salon.Months later, the landlord rented another unit in the same building to a spa that also offered nail services. This really hurt her business, and she was forced to cut down her prices just to stay in business. This problem would have been avoided if a lawyer had been able to negotiate a non-competitor clause in her lease agreement.

 Another agreement your lawyer can negotiate for is reimbursement or compensation if the lease if the landlord abruptly cancels your contract or forces you to move to another unit.


There are some landlords that can be pushy or sneaky. Give them an inch, and they’ll take a mile! But if they know that you have a lawyer who is looking at your contract, and is probably going to represent you if there is anything fishy going on, he will be less likely to try to pull a fast one on you.  It’s a lot like hanging a “Warning: This Place Has CCTV Cameras” sign on your door.Knowing they’re being observed already discourages people from doing something suspicious.


 Some people think that lawyers are just unnecessary expenses. But if you look at how much money you’ll be spending on renting your commercial property, than you realize how foolish it would be not to have a lawyer protect your interests. Most commercial leases last for three years, and rent can be very high. Imagine the scenario of being stuck in an unfair contract, the cost of pre-terminating the contract and moving your business, or hiring a lawyer later on for a messy lawsuit. It is cheaper and smarter to just hire a commercial real estate lawyer now to avoid future expenses and protect your investment.

Real Estate Breach Of Contract Case in NY

Real Estate Breach Of Contracts Law: Returning A Down Payment

Of Real Estate Contracts and Return of the Down Payments: What You Need To Understand Beforehand

The steep rise in the value of commercial and residential real estate properties in the recent past has led to a concomitant upsurge in cases involving down payments. Litigation arises typically when the previously smooth and amicable transaction turns into a “finger pointing” fiesta after failures or refusals to close a deal.

A perfect explanation is as follows:

An eager house seeker first contacts a realtor, seeking a house of some particular specifications. But because the real estate agent knows it is mandatory for the prospective buyer to demonstrate the urge and will to buy, the realtor never bothers to go into the details of the meeting. The seller, however, has an anticipatory breach – permission that excuses the buyer from ‘tendering performance’ but doesn’t excuse them from not being “ready, willing and able to perform.”

Now, when things go south, and the “finger pointing” fiesta accelerates to the floor of the court, the eventual decision will squarely lie with the judge of the Appellate Division. The seller, fighting to keep hold of the prospective buyer’s down payment, argues on the basis of the three terms: “ready, willing and able to perform.”

The questions to be raised here, however, will revolve around whether the potential buyer of the said assets anticipatorily breached the contract. It will also apply if the purchaser knowingly, went against the seller and rescinded the deal before the closing day, or if in the event of the purchaser’s abandonment, the seller was still ready, willing and able to complete the sale of the agreed property. The seller may have obtained the relevant government approvals in anticipation of the agreed date of closing the deal.

However, there are some certain exceptions to this rule. First, the purchaser may have sought to cancel the contract ahead of any move by the seller. Maybe the notice was tendered in before any renovation works or seeking of the relevant government approvals. And hence, to get the down payment, the buyer will not be required to attend the closing of the deal.

The Typical Procedure for Contracting to Buy a Home in the state of New York

New York’s process of contracting to buy a property is unique from that of many states in the US. First, the buyer has to make a formal offer to the seller, expressing interest in purchasing a home. At the initial stage, nothing binds the two and they may walk away if the offer isn’t convincing. This is one of the reasons that real estate litigation is so common in NY.

However, once they sign a formal contract, or more specifically, be “in contract,” the process of buying starts. Signing it happens a week or two after the acceptance of the offer and with the acceptance of an offer is what’s known as the Down Payment – 10% of the purchase price. If, by bad lack, the buyer decides to turn down the offer, problems start.

In Conclusion

Since a rescission order unequivocally demonstrates the accuser (or purchaser) intended to go against the initial contractual obligations, any happening before the agreed date of performance equals an anticipatory breach. However, when the seller doesn’t satisfactorily show how “ready, willing, and able to complete the sale” he/she was, the case of breaching of the contractual obligations is quashed.

Real Estate Lawyer Queens R.A Esq. 88-02 136th St Jamaica, NY 11418 (718) 206-1555

Small Minimal Real Estate

Minimalism in real estate: Watch Out For Zoning Laws

Minimalism in real estate:


Where does minimalism come into real estate? In Japan, there is a new space conserving idea called minimalism. This is a new trend to save space. You can surf the web and see photographs, videos and articles, even books about minimalism. People are thinking up really interesting ways to conserve space. For example, a bed that folds up to the wall. By doing that, you essentially have two rooms in one. At night, the room is your bedroom, with a nice queen size mattress coming down to fit your needs. During the day, however, it can be a living room, or even better, an art studio or music studio. People have been developing this method so well, ways that provide new efficient setups having little clothing and belongings. Statistically, one who has less appreciates more.


The next level:

What is the next level? After learning to conserve space and thereby need less and essentially have more, what other gains are there? Here is the new and improved “real estate solution.” People have been building tiny homes. One room homes, easily transported by trailer, is the new solution to expensive real estate taxes and fees. This eliminates the real estate agent, too. Not to mention moving costs. These tiny houses are also environmentally safe. There seems to be only benefits involved here.


The problem:

Zoning. Big problem. As it is with any house, a tiny minimalist house needs zoning rights. These are not always easy to get. Many properties have a no trespassing law, along with a sign. There are other issues too, as in water and electricity. Wherever Mr. Minimalist would like to park his house, he would assumingly want it to be next to a water supply, sewage system and electrical grid.


Another issue:

There are other issues pertaining to tiny homes. An issue I can think of, is having people stay over, where will they sit? If you make a party, I guess outside is the way to go. Another issue is storage. When you travel to another country, and you pick up a souvenir, where will you put it? These sound like small issues, but they do get in the way. When building a minimalist, tiny home, it isn’t just a solution, it’s a commitment.

A commitment to a smaller lifestyle, one which every person that enters the home must be accounted for. Not every person who lives in the home, but whoever enters it.


Being a zoning “hobo”:

Additional to these possible issues, the real estate zoning laws prevent tiny homeowners from feeling secure. Yes, they can buy a piece of land, but that defeats the purpose of having a small home.

Their only option is to lease, that way they can save real estate bureaucracy and be mobile, too.

commercial lease rent laws contract

Real Estate Law 102: Commercial Leases

In order to operate a store or business we must first have a location. Walking through any shopping center we see dozens of stores that are renting this location. Sometimes we see them come and go, replacing one another. The commercial leasing market is a massive market, and each lease is something in and of itself. We will see exactly what distinguishes a commercial lease from other types of leases.

Unique attributes

To settle on a commercial lease is generally a longer and more complicated process. The needs of the renter often greatly differ in the business world. The space allocated for renting can be altered and reconstructed based what the business is. In shopping malls, we have often seen a clothing store shut down and a smoothie shop open up. These needs must be identified and agreed upon from the start. Because of these changes a greater amount of money is usually invested then a residential lease and there for they tend to be more binding, it is not easy to back out of an existing lease. Furthermore because of the nature of the business there is not a set standard for the lease, each one can vary greatly from the next. From a legal standpoint, there are fewer protections for the renter, a good example of this is there is not an accepted deposit amount, and there is no cap, so the owner can ask various percentages.

What to look for

The most important factor to consider is that you can in fact afford the lease. Business have their ups and down and you don’t want a space to large that goes empty or a space that you quickly outgrow. Because it is difficult to leave the lease you will likely be in the location for the previously agreed amount of time. Second, make sure that you can make the necessary alterations that fit your needs. Clear up in advance if you can make changes to the walls, floors, or colors if necessary. Another vital factor is what are your advertisement rights, can you put things in the windows? Can you set up a table or stand outside the door? These can be critical for certain businesses. Competition can be a great thing in the business world, or it can also break the business. Are there restrictions on the adjacent space? Can your landlord or other rent the space next to you to the same exact business you have opened. Will they open a pet shop right next to your ice cream stand? These questions must be addressed in negotiations and agreed upon before the lease in binding. Discuss all these questions with an attorney prior to embarking on any lease.


Commercial leases follow an entirely different set of rules then residential leases. For this reason anyone in the leasing market should look into hiring a commercial lease attorney near you is the smartest thing you can do They must be carefully thought out and evaluated at every step. When the commercial lease is a good fit, then your business can start off on solid ground with one less thing to worry about.

real estate litigation judge hammer

Real Estate Litigation and Partition Disputes

Have you and an acquaintance ever thought about investing in real estate? Have you ever pooled a shared amount of funds for certain property, but came to a disagreement and had to go separate ways? Well if so, you will likely encounter some problems settling that shared property. With experience and an acceptable amount of knowledge of the law, you can decide on the most proper solution for dealing with this problem.  When in a dispute between your co-investor you may file for an “action for partition” in regards to shares of ownership in a certain collected investment.

Much like the meaning of the word: To divide; this act is brought to court by the claimant or shared property/investment owner to legally divide said property fairly among the shareholders. This is the best, legal way to come into an agreement with your peers if you can’t decide among yourselves; the court of law will review your involvement in the property’s investment and divide it accordingly with that taken into heavy consideration. That or the property goes into public auction and the proceeds are then divided by the owners.

What could happen in a partition dispute?

Just to give an example about how all of this works: You and a friend have invested on condominiums at the outskirts of the city since the building is fairly new, and the residential area is only a subway ride away from the business district of town. It seemed like a great idea at the time; until one day, your co-investor begins missing payments for what was supposed to be a “shared investment”— you end up shouldering most of the weight because of this. At this point you should make the decision to file for an “action for partition” because he may start pushing that you are both still 50-50 partners, refusing to pay you back for the costs you have covered for him.

Property litigation disputes are one of the more common risks in investment if you and your partner aren’t on the same page; you should not have to accept that, and take it upon yourself to file an action of ownership for your investment. The court will see to it that the ownership allocation is in accordance to the amount paid for by each investor.

What to do?

If ever you find yourself in a situation like this one, you shouldn’t be afraid to opt out. Other disputes of legally bound couples are also settled in a partition of action as well; be it the right of property after divorce, or the rights of survival if a marital partner passes away, but such conditions only complicate the transfer of ownership.

If you have any type of litigation issues concerning real estate, such as partition or ownership disputes, your wisest course of action is to consult with a real estate lawyer to assist in your case. Each case is unique and may require lots of time, paperwork, and visits to the court. As tempting as it is to try and reason out things with the other party, there are times when people cannot come into an agreement and a professional can help you to mediate.