New York Commercial Lease Agreement
The New York Commercial Lease Agreement outlines a legally binding relationship between a landlord and a tenant for renting a property intended for business purposes, including retail, office, entertainment, or hotel spaces. Contract durations typically range from three to five years but can extend up to ten years for retail properties, and lease terms are negotiable.
Landlords often draft these agreements, customizing the terms according to their needs. Commercial leases can be structured as triple net (NNN), gross, or modified gross leases, based on the agreed-upon responsibilities and obligations of the landlord and tenant.
Statutes – Article 2-A (Leases)