Kearns Published in NY Real Estate Journal on the Increased Use of the Commercial Condo Structure

Today’s New York Real Estate Journal published an article by Thomas Kearns, partner in the Real Estate Law Group, entitled “Commercial Condos are Being Used More Frequently,” articulating how commercial condominiums are being used to legally divide up commercial or mixed-use properties. Tom describes how, in certain circumstances, the additional costs of creating a condominium regime and the potential headaches of dealing with co-owners of the building are out-weighed by the benefits of the condo structure. He also advises that the commercial condo structure can bestow significant benefits to its owners, but buyers or master lessees of such units need to be careful of the practical and legal issues inherent in the structure.