Guiding You Through New York City Real Estate Transactions

Navigating the dynamic and competitive New York real estate market demands comprehensive legal support, and at Cea Legal P.C., our team of attorneys stands ready to provide a complete range of services across residential, commercial and corporate domains. Trusted by clients in all five boroughs of New York City and various counties in the state, we excel at guiding individuals through their unique real estate needs, including the emerging trend of remote closings.

Explore our specific offerings in residential and commercial real estate below.

Our Residential Real Estate Services

Our seasoned attorneys, based in New York City, possess extensive expertise in residential real estate law, adeptly handling both cooperative (co-op) and condominium (condo) sale-purchase transactions, along with other real property conveyances. Representing both buyers and sellers, our services include:

• Drafting and negotiating contracts of sale, including riders and ancillary corporate documents.
• Conducting thorough due diligence on the subject property, encompassing a review of offering plans, board minutes and financial documentation.
• Managing pre-closing activities and facilitating closings, whether in person or remotely.
• Preparing New York City and New York State real estate transfer taxes, mortgage recording tax, assignment of existing mortgages (CEMA) and FIRPTA documentation.
• Structuring 1031 exchanges and preparing all necessary documentation in collaboration with qualified intermediaries.
• Title examination: We conduct thorough title examinations to identify and resolve any potential issues that may affect the property’s ownership, ensuring a smooth transaction process for our clients.
• Land use and zoning compliance: Our attorneys navigate the complexities of land use and zoning regulations, ensuring that all transactions comply with local laws and regulations.
• Real estate development: For clients involved in real estate development projects, we offer legal guidance through the entire process, from land acquisition and financing to construction and project completion.
• Property management agreements: We assist property owners and investors in drafting and negotiating property management agreements to ensure the effective and lawful management of their real estate assets.
• Environmental due diligence: We conduct environmental due diligence to identify and address any potential environmental issues associated with the property, safeguarding our clients from unforeseen liabilities.

Our Manhattan residential real estate attorneys collaborate with reputable real estate brokerage firms, certified public accountants, licensed architects, interior designers, contractors, expeditors and title companies to deliver comprehensive representation to our clients.

Our Commercial Real Estate Services

Cea Legal P.C. provides counsel on diverse issues related to leasing, buying or selling commercial real property. Our corporate real estate attorneys in Manhattan, New York, bring extensive experience in representing both landlords and tenants in various commercial spaces, including retail properties, restaurants, stores, office spaces, physician offices, entertainment and media companies, logistic and distribution companies, and manufacturing and industrial businesses. Our services cover:

• Drafting and negotiating contracts of sale.
• Conducting comprehensive due diligence on the subject property, including permits and zoning.
• Forming legal entities as investment vehicles to optimize legal and tax exposures.
• Managing pre-closing activities and conducting closings, whether in person or remotely.
• Drafting and reviewing loan documents.
• Establishing joint ventures among multiple parties to facilitate complex transactions.
• Drafting and negotiating commercial lease agreements, as well as assignments, subleases and other commercial real estate documents.
• Franchise real estate transactions: Our expertise includes assisting clients in navigating real estate transactions related to franchise businesses, encompassing lease negotiations and compliance with franchise agreements.
• Government incentives and grants: We guide clients in exploring and securing government incentives and grants related to commercial real estate projects, optimizing financial benefits for their investments.
• Portfolio management: For clients with diverse commercial real estate portfolios, we offer strategic advice on portfolio management, helping them maximize returns and mitigate risks.
• Real estate financing: Our team assists clients in securing financing for commercial real estate ventures, working closely with financial institutions to facilitate favorable lending terms.

Our clients across the five boroughs and beyond rely on our attorneys for responsive guidance and meticulous attention to detail. We leverage our deep legal knowledge and tailored approach to empower your every real estate move.

How Can Cea Legal P.C. Help Expedite The Process Of A Real Estate Closing?

Got a real estate closing scheduled, but you can’t make it? No problem; we can help. By granting our team power of attorney, we can handle the closing on your behalf. Our clients can do this by signing a power of attorney document and then having us sign it in acceptance before a notary public. Notaries public authenticate the signatures of individuals whose identities are verified through reliable IDs or personal knowledge.

How Can An Escrow Deposit Strategy Help Individuals Who Are Selling Real Estate In NYC?

An escrow strategy involves having the buyer deposit a certain percentage of the purchase price into a trust account upon signing the contract to buy the property. This deposit will be held in escrow until closing. An escrow account is a secure holding place for funds. It’s a way to protect both parties during a transaction. If the buyer eventually backs out, the deposited funds will be released to the seller as liquidated damages for their time and effort.

How Can A Real Estate Lawyer Help A Buyer Looking To Purchase An Apartment In NYC?

When you have found an apartment you want to buy, a skilled real estate lawyer can help with many things, including:

• Drafting a bulletproof contract of sale
• Promptly obtaining the relevant legal documentation
• Closing process

Having strong legal support in such matters can be a key step in smoothly obtaining the keys to your dream apartment in New York City.

What Can A Foreign Real Estate Investor Do To Minimize Estate Taxes?

Foreign investors are exposed to a hefty estate tax on U.S. real estate (up to 40% of the property value). There are loopholes that can be used to avoid getting hit by such taxes. One such strategy is to put the investment property under an LLC or a corporation owned by a foreign entity.

What Should Potential Buyers Know Before Making An Offer On A New Condo Development In NY?

One important thing to know is that you can ask the developer to pay certain costs related to the transaction and property, such as:

• New York City and New York state transfer taxes
• Mansion tax
• A certain amount of future carrying costs as a credit at closing
• Minor closing fees, like the working capital fund

Getting the developer to agree to cover such costs could save you a substantial amount of money.

What Should Real Estate Investors Keep In Mind Before Signing A New Contract For A Real Estate Investment In NYC?

One key step to take before signing is to do your legal due diligence. Among the key documents we can review for you are:

• The offering plan: To understand the legal status of the building
• The minutes of the co-op condo board: To see if there are any issues with the unit in question.

Having a skilled attorney at Cea Legal P.C. conduct such due diligence for you could help you avoid unpleasant surprises, such as discovering after the fact that you didn’t, in fact, buy a unit but rather a lease from New York City.

What Are The Most Significant Clauses Negotiated In A Contract Of Sale Of A New York City Condominium Unit?

Down payment percentage: Typically, it is 10% of the purchase price. The seller might try to get more (20% to 25%); in this case, the buyer should demand a lower percentage.

Mortgage contingency: The buyer’s exit strategy is in place in case the financing is not approved.

Warranties and representations in connection with the condition of the property: Units are sold “as-is,” but the buyer should try to get coverage for preexisting hidden damages/issues.

Are The Principals Of A Business Personally Liable To The Landlord Under The Terms Of A New York Commercial Lease?

In New York, if the lease is terminated earlier than originally scheduled, business principals are not personally liable as long as they comply with the provisions of the “good guy guarantee,” namely:

1. The landlord receives sufficient notice of termination (between 90 and 180 days).
2. The premises vacated are in “broom-clean” condition.
3. Rent is paid through the date of surrender.

What Is A “1031” Exchange?

A 1031 exchange is a swap of properties that are held for business and investment purposes. If all the requirements are met, the potential capital gains tax will be deferred, and there will be no limit on how many times or how frequently 1031 exchanges can be done. The properties being exchanged must be considered of a similar nature in the eyes of the IRS for capital gains taxes to be deferred. Under very specific conditions, the rules can apply to a former primary residence.

Need Help With Real Estate Matters? Reach Out To Us Today.

Our team is ready to give you the trusted guidance and comprehensive support you deserve. Learn more in a confidential consultation. Email us to schedule one today.