Legal Question in Real Estate Law in New York

commercial lease with option

3 1/2 yrs ago, 3 partners invested in a commercial lease w/option of a convenience store/gas station. We have been paying every month the rent with an additional amount to go towards the purchase (which was almost equal to the rent). The deadline of contract was last Sept. We did not have the additional funds to complete the sale. The current owner required a large lump sum to finalize the transaction. We asked for more time and to extend the lease. He would not put anything in writing. We have been leasing month to month still paying both rent and option fee. We were now served with a 30 day to evict to notice. My questions are as follows. 1) Since there was no contract as of September are we not due back the additional lease option payment? 2) We have been also paying the property taxes, shouldn't we proceed with this more as a foreclosure than an eviction? 3) Is there anything in the fairness act to help us out. We have made no profit to speak of, while the current Owner(?) has benefited both in rent as well as additional funds and taxes all being paid directly to him? We have also made some improvements to the property. I know without looking at the original lease, you will be guestimating.


Asked on 5/01/07, 10:21 am

1 Answer from Attorneys
Johm Smith tom's

Re: commercial lease with option

You need to get an attorney who can take this issue to court ASAP. You have good arguments but you will apparently need a court to ensure that you are fairly dealt with. Good luck!

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Answered on 5/01/07, 11:31 am


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