BSPE Legal Marketing Podcast
BSPE Legal Marketing podcasts discuss legal issues. Entertainment only does not constitute legal advice.
BSPE Legal Marketing Podcast
The Commercial Real Estate Due Diligence Checklist for NYC Buyers - Peter Zinkovetsky
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From Avenue Law Firm - The Commercial Real Estate Due Diligence Checklist for NYC Buyers walks buyers through the title, zoning, environmental, lease, financial, and compliance issues that can shape a commercial real estate purchase in Manhattan, New York City, and the five boroughs. This episode explores why due diligence matters before closing, how buyers can use the 30-to-90-day diligence period effectively, and why seller document delivery should be tied to the start of the review window.
Listeners will hear how Peter Zinkovetsky and Avenue Law Firm approach key legal and transactional concerns, including title searches, ALTA surveys, Party Wall Agreements, Zoning Lot Development Agreements, air rights, and NYC Zoning Resolution requirements. The discussion also covers special district overlays such as the Special Midtown District, Special Hudson Yards District, and Special Lincoln Square District, along with the importance of verifying certificates of occupancy, open permits, and current property use.
The episode also breaks down environmental and building-condition risks, including Phase I Environmental Site Assessments, Phase II Environmental Site Assessments, CERCLA liability, EPA All Appropriate Inquiries rules, ASTM E1527-21 standards, underground storage tanks, mold, soil conditions, and Property Condition Reports. NYC-specific compliance issues are also addressed, including DOB, FDNY, OATH/ECB violations, FISP/Local Law 11, QEWI inspections, Local Law 97, Local Law 87, Local Law 26, boiler registrations, elevator registrations, and potential retrofit costs.
Finally, Avenue Law Firm explains how buyers can evaluate leases, rent rolls, tenant estoppel certificates, SNDA agreements, DHCR records, tax incentives, operating statements, transfer taxes, and mortgage recording taxes before committing to a transaction. With insight into ICAP, 421-a, 485-x, J-51, New York Real Property Tax Law, NYC Real Property Transfer Tax, and New York State real estate transfer tax, this episode gives commercial buyers a practical overview of what to review, what to question, and what risks to address before purchasing property in NYC.
Avenue Law Firm
505 Park Ave #1201, New York, NY 10022, United States
(212) 729-4090