New York Commercial Lease Agreement
The New York Commercial Lease Agreement gives a property owner or landlord a means of entering into a legally binding relationship with a tenant who will be renting a property with the intent of moving a retail, office, entertainment, hotel, or other business-focused operation into it. Commercial lease contracts typically range from three (3) to five (5) years, and as long as ten (10) years for retail properties, although any length of time can be negotiated. Unlike residential tenants, commercial tenants’ rights are solely those that are contained within the lease; landlords typically draft the agreement, and thus, they include conditions that suit their needs and preferences. Having a licensed NY realtor aid in the negotiation of the terms of a lease can provide as very helpful – especially if the tenant is a first-time commercial renter.
Before signing a commercial lease contract, business renters need to have a thorough understanding of New York’s leasing process and the options allotted to them. Commercial leases are far less regulated in comparison to standard residential leases; it is the renter’s responsibility to ensure what they are signing is fair and does not include any conditions that can cause serious financial duress in the event of an emergency. The links below provide a strong starting point to understanding the commercial leasing process in NY:
- NYC Business Solutions: Commercial Leases – Lease Strategies for Tough Times
- NYC Small Business Solutions: Comprehensive Guide to Commercial Leasing