The Big Apple continues to present new opportunities to both new entrepreneurs entering the market and the established players who continue to call New York City home. No one is denying that we are all doing it tough. Commercial tenants have been put through the wringer with mandatory enforced business closures and limitations on business and landlords are, in many cases, struggling to find tenants and receive rental payments from present tenants. Times are tough, but tough times bring great opportunities.
NY Commercial Eviction Moratorium
New York City Governor Andrew Cuomo has recently extended the moratorium on evictions from commercial leases. These businesses that were under financial duress were facing eviction before March 17th have some time on their sides. New York City marshals are now awaiting court guidance on how to proceed with issues that do not regard non-payment. A full copy of the executive order on the moratorium can be found at: Eviction Moratorium.
Evictions are set to remain on hold for commercial tenants in New York, in most cases, through until October 20, 2020. This time period may be extended. Many issues with past due rent are not, adequately, resolved via present jurisprudence and we shall, likely, see many of these issues resolved in court.
Whether you are a property and/or business owner, you will be in the position of making agreements with government agencies, landlords, tenants or other third parties. This is the time to engage an attorney that will advise you on the best course of action to take moving forward with rental-related business decisions. The risks to landlords is, especially, steep and a proactive lease agreement is a way to, in many cases, alleviate risks caused by this and, potentially, future eviction moratoriums.
If you are interested in learning more about commercial lease agreements in New York please see articles we wrote at: NY Commercial Lease Agreements Basics: New York Lease Agreements, New York Commercial Lease Basics: Negotiate a Good Guy Clause For Your New York Start-Up and Termination of New York Commercial Leases based on Violation of New York Law.
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