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What legal issues should I be aware of when leasing a commercial space in New York City?

Picture of Chris Battis By   ·  1 minute read

Legal Issues to Consider When Leasing Commercial Space in New York City

  1. Lease Agreement: A lease agreement is a legal contract between the landlord and the tenant. It defines the terms and conditions of the lease, including the rent amount, the length of the lease term, the security deposit, and the designated use of the space. It is important to understand all the terms of the lease agreement, and if necessary, have a lawyer review the lease document.
  2. Liability and Insurance: As a tenant, you may be responsible for any damages that occur during your occupancy. It is important to obtain liability insurance to protect yourself against personal injury or property damage claims. Additionally, the landlord may require you to carry insurance and list them as an additional insured on your insurance policy.
  3. Zoning and Compliance: Before you sign a lease agreement, you should confirm that the property is zoned for your intended use. If not, you may need to obtain a special permit or variance from the city. Additionally, you should make sure that the property complies with all applicable zoning regulations, building codes, and safety requirements.
  4. Security Deposit: In New York City, landlords are required to keep security deposits in an interest-bearing account and provide the tenant with the name and address of the bank where the funds are being held. When you move out of the space, the landlord must return the security deposit, minus any deductions for damages, within a specified timeframe.
  5. ADA Compliance: The Americans with Disabilities Act (ADA) requires commercial properties to be accessible to people with disabilities. You should ensure that the property is ADA compliant, or if necessary, make arrangements to retrofit the space to meet ADA requirements.

In summary, when leasing a commercial space in New York City, it is important to understand the terms of the lease agreement, obtain liability insurance, confirm zoning and compliance, understand the security deposit requirements, and ensure ADA compliance. It is advisable to have a lawyer review the lease, and if necessary, seek legal advice to protect your legal rights and interests.