Latest News & Developments in Commercial Real Estate Law
Since 2008, we have used our real estate law blog as a way to keep readers informed about the latest developments and news within commercial real estate law. Some of the topics we regularly address include court decisions on disputed commercial real estate transactions, limited liability company law and high-end residential real estate transactions. In addition to informing readers, we make it a priority to provide an in-depth analysis of the topics we discuss.
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Retail storefront vacancies in Manhattan seem to be increasing. I was reminded of the recent change in Section 216 of the IRS code making it easier for a co-op to own its own retail space when I looked out of a bus window at a large vacant store on Madison Avenue. If that building is owned as a co-op and the co-op owns its own retail space, the co-op is taking a big monthly hit in revenue. If the co-op's monthly maintenance charges are based in part on rent from that now vacant store, the co-op will have a significant shortfall. I can just imagine being on a co-op board which sends a notice to ...