Publications

Space Leases

47 Articles and Other Items Found

Click Here for Some of Joshua Stein's Completed Matters (Space Leases)

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Promises, Promises - What If A Commercial Tenant Doesn't Perform? [2023]mail

Leases gave landlords some pretty draconian remedies. But how about having some less draconian remedies?
A Great Technique To Escape Liabilities [2022]mail

According to recent bankruptcy case law, the "Texas Two-Step" technique might be a brilliant way for a law firm or other business to escape a burdensome lease or other liability.
A Tenant's Insurance Policy Doesn't Necessarily Protect The Property Owner [2022]mail

A recent trip and fall case in New York demonstrates that although a tenant's liability insurance typically names the property owner as an "additional insured," the owner should also have its own policy.
DC Dual Agency Brokerage Law May Produce Silly Results For Commercial Leases [2022]mail

Real estate brokers often represent both sides of a deal. When a DC court decided a broker didn't adequately disclose its dual role, the broker lost a six-digit commission.
Lease Security Deposits Might Not Be So Secure [2022]mail

A good tenant should get its security deposit back at the end of the lease. But it might not be that simple if the landlord files for bankruptcy.
Real Estate, Interrupted: Joshua Stein talks about how commercial real estate can survive the Covid-19 pandemic [2020]mail

How are commercial landlords, tenants, lenders, and borrowers dealing with Covid-19? Super Lawyers magazine published a long interview with Joshua Stein.
Commercial Lease Amendments in the Age of COVID-19 [2020]mail

Here are some suggestions for lease renegotiations in response to virus-driven shutdowns. Those renegotiations can work both ways. Property owners also need to think about their lenders.
More Tips And Traps For Lease Amendments [2020]mail

Lease amendments may give commercial tenants "breathing room" during the Covid shutdown. To prevent future surprises for landlord and tenant, though, these documents require some special attention (Part 2 of 2).
New NYC Law Prohibits Enforcement Of Some Lease Guaranties [2020]mail

NYC's new law blocks the enforcement of some personal guaranties of leases, but probably doesn't achieve its goal and may very well be unconstitutional.
Not Every Tenant Needs Rent Relief [2020]mail

Many commercial tenants have asked their landlords for rent relief because of the Covid-19 pandemic, but some don't really need it.
Tips And Traps For Lease Amendment Negotiations [2020]mail

Lease amendments may give commercial tenants "breathing room" during the Covid shutdown. To prevent future surprises for landlord and tenant, though, these documents require some special attention (Part 1 of 2).
How Hard Can It Be To Exercise a Lease Renewal Option? [2018]mail

A commercial tenant often negotiates hard for the option to renew a lease. When the time comes to exercise such an option, though, the tenant sometimes pays much less attention. A recent case demonstrates a great new way to get it wrong. Here, the tenant sort of intended to exercise its option, but managed not to actually do it. The case teaches an important lesson for any tenant with a renewal option, and for anyone else with a valuable right.
Scaffolding [2018]mail

Scaffolding has been a part of life in New York City for over 30 years. When a sidewalk shed goes up, should retail rents go down? What protections should retail tenants try to obtain if sidewalk retail space becomes the equivalent of basement space after scaffolding is erected?
Does It Really Need To Be So Binary? [2017]mail

Assignment of a lease need not lead to an all or nothing result for landlord or tenant, in which the landlord loses any right to control the identity of its tenant, or the tenant loses the ability to exit the lease. What are the possibilities for a more nuanced, third way?
Living with Leases (Templates for Landlord's Counsel) [2016]mail

A landlord shouldn't stick a signed lease in a drawer and forget about it. A "to-do" list in the form of a model lease administration memo will enable a landlord or property manager to keep up-to-date with the evolving circumstances of a lease and avoid unpleasant surprises.
Model Lease Guaranty [2016]mail

Landlords can't always rely on the creditworthiness of their tenants, which is why a guaranty becomes an essential part of the space lease. Joshua Stein offers template language to cover the "full," "partial," and "good guy" varieties of a Model Lease Guaranty.
Second Thoughts on Defaulted Leases [2016]mail

Is there an alternative to the two standard options landlords use to recover damages from a defaulting tenant? Maybe.
Did the Lender Act Reasonably and in Good Faith? [2015]mail

When a legal document says that a party will act "reasonably" or "in good faith," how should these terms be interpreted? Using the common example of a lender's consent to a nondisturbance agreement for a major tenant, Joshua Stein considers their meanings.
Gotcha Renewal Commissions [2015]mail

When a tenant exercises a renewal option, should the original leasing broker expect an additional commission? How could a landlord prevent such a claim? What should a broker do to protect it? This article discusses the options from both perspectives.
Reviewing a Lease Agreement - Traps for the Tenant [2015]mail

Depending on the circumstances, there may be several or just a few points to raise after a tenant receives the landlord's initial draft of a lease. This article addresses the issues likely to come up and what the tenant can do about them.
How Lender's Counsel Reviews a Lease [2014]mail

Commercial mortgage lenders and their counsel will usually want to consider the major "hot button" issues in any lease review project. What do they care about in leases, and why?
Green Tenant Improvements [2013]mail

If landlords and tenants want to be green, might they find a better way to handle tenant improvements? Joshua Stein examines some of the possibilities.
Lease Negotiations Beyond the Lease [2013]mail

When you negotiate a lease for a landlord, some of the most important issues lie outside the four corners of the document. This article offers a checklist under three broad headings: due diligence and external matters, other lease-related documents and deliveries, and actions to take after signing the lease.
Model Landlord's Checklist of Silent Lease Issues (Third Edition) [2013]mail

This checklist started out as an effort to identify issues that "older" leases might overlook, and that a landlord might want to include in the course of updating such leases. The checklist grew to cover lease negotiations more generally, from the landlord's perspective.
Small Commercial Leases [2013]mail

A small commercial tenant has neither the time nor the budget to go through a proper review and negotiation of a lease. But problems may lurk within. What's a prospective tenant to do?
When Bad Guarantees Happen to Good Guys [2013]mail

When a tenant's principal signs a "good guy guaranty," the guarantor agrees to pay all rent due until the defaulting tenant moves out. But a principal needs to ask at least three questions before becoming a "good guy" guarantor.
How to Stay Away from the Minefields in Lease Expansions, Extensions, and Renewals [2012]mail

Lease amendments are tricky, creating all kinds of opportunities for error and surprises. This article explains what you need to know and the questions you need to ask before changing an existing lease.
Interview on Retail Lease Negotiations [2012]mail

Joshua Stein was interviewed by BAKE, a trade magazine for the baking industry. He suggested some issues for tenants to think about before signing a retail lease. His suggestions can apply to business owners and tenants across a spectrum of industries and professions.
Points to Be Incorporated Into Term Sheet (for Office Tenant) [2012]mail

The top noneconomic issues for a tenant to consider adding to a term sheet for a commercial office lease.
Tenant's Checklist of Silent Lease Issues (Third Edition) [2012]mail

This checklist helps tenant's counsel identify issues to raise "proactively," as opposed to just "reactively" in response to a landlord's draft lease.
Judge Posner Cites Joshua Stein Article on SNDAs [2010]mail

In a June 2010 decision, Judge Posner of the Seventh Circuit discussed subordination, nondisturbance, and attornment agreements. The case is notable for at least two reasons. First, almost no cases ever discuss SNDAs. Second, Judge Posner cited one of Joshua Stein's articles about SNDAs. Click anywhere on this paragraph to read the decision.
An Update on the Bankruptcy Law of Large Letters of Credit for Leases [2009]mail

If a tenant files for bankruptcy, the Bankruptcy Code may cause a ''Claim Cap Problem'' for a landlord that accepted a large letter of credit in lieu of a cash deposit as security for the commercial lease. Joshua Stein offers guidance to landlords on how to understand and perhaps even avoid the problem.
Assignment and Subletting Restrictions in Leases and What They Mean in the Real World [2009]mail

Most space leases limit the tenant's ability to assign or sublet. In interpreting those limitations, certain questions arise again and again. This article identifies those questions and explores the answers, considering both New York law and general American common law principles.
New Legislation Requires Owners to Disclose Air Contamination Reports [2009]mail

If a New York property owner learns about certain environmental contamination on the property, the owner may need to notify tenants of the building. This article explains how the law will likely be applied.
Use Subleases to Create Value [2009]mail

No one likes subleases much, but they may give landlords some opportunities.
Are You Overlooking Traps in Your Deals? (Interview with Joshua Stein) [2006]mail

In an interview with the National Association of Realtors, Joshua Stein discussed some problem areas in purchase and sale transactions, including surprises that can lurk in leases.
"Good Faith and Fair Dealing" in Optionland [2005]mail

If one party to a lease totally misunderstands the lease, and might lose valuable rights as a result, does the other party have an obligation to help out? When options are involved the stakes are even higher.
A Wish List for New York Real Estate Law [2005]mail

A dozen easy ways to improve and simplify New York real estate law, primarily for lending and leasing.
How a Lender Looks at a Lease [2004]mail

This chapter from Joshua Stein's two-volume Commercial Leasing book explains how lenders and their counsel review space leases. What do they care about in leases, and why?
Needless Disturbances: Do Nondisturbance Agreements Justify All the Time and Trouble? [2003]mail

A critical analysis of how nondisturbance agreements work and some possibly simpler ways to deal with the same issues.
Perils of Subtenancy and a Roadmap for Recourse When the Sublandlord Defaults [2002]mail

Subleases can create subtle risks for subtenants. This article explains those risks and some legal theories that might help mitigate them, with some unexpected implications for nonrecourse financing
Best Strategies for Extricating a Company From Its Long Term Lease Obligations [2001]mail

Here are the options, strategies, and tactics that any commercial tenant should consider if it wants to gracefully exit a lease that no longer makes sense.
Model Agreement for Letter of Credit in Place of Security Deposit (Lender-Controlled) [2001]mail

When a tenant uses a letter of credit in place of a security deposit, this can create a complex 3-way relationship among tenant, landlord, and the landlord's mortgage lender. This article explores that relationship, with a sample agreement that might govern it.
Good Guy Guaranties for Leases [1995]mail

In a letter to Crain's New York Business, Joshua Stein summarized how "good guy guaranties" work for leases, and why landlords ask for them.
New York State Bar Association Model Nondisturbance Agreement and Report [1994]mail

In 1994, Joshua Stein chaired a New York State Bar Association subcommittee that promulgated a model Subordination, Nondisturbance and Attornment Agreement (an "SNDA"), along with a report and commentary.
Negotiating Lease Provisions - Turning Pitfalls and Problems into Opportunities and Value [1992]mail

Too many companies allow lease programs to get away with poorly structured loans with more problems than benefits. Some very simple changes can make those opportunities.
Tough Times Teach Tenants Tough Lessons [1992]mail

A few lease clauses that can produce particularly unpleasant surprises for commercial tenants that aren't paying enough attention.

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Joshua Stein PLLC
Please Note Our New Address:

110 West 57th Street, 4th Floor
New York, NY 10019 (212) 688-3300

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