Loeb & Loeb Real Estate chair Raymond Sanseverino is quoted in an article by The Real Deal examining the current real estate market in New York City. With no end in sight for the pandemic, real estate lawyers have adjusted to the decreased number of transactions for office, retail and hospitality properties by expanding into new markets and finding clients in other sectors.
“Deals are taking longer to complete probably because there’s less pressure on tenants to get them done quickly, because although the market is active, there’s less fear that you’ll lose out on a transaction,” Raymond told The Real Deal.
Although business is finally picking up, Raymond noted that lawyers are having to adjust to new types of tenants, as commercial tenants that weathered the pandemic now want to ensure their leases include protection against future potential crises. He said he has seen one lease, for example, that allows a rent abatement period for tenant buildout to be extended in case of a government-mandated shutdown.
Click here to read the article on The Real Deal’s website (subscription required).