Legal Question in Real Estate Law in New York

Rights regarding purchase option.

I am a Tenant that is 8 years into a 10 year lease. I have an option in my lease to purchase the property. The sale price is based on a commercial appraisel ( which I had done) and will soon submit, in writing, my desire to execise this option. However, due to falling housing prices, my Landlord is no longer willing to sell at appraised value. I am ready to legally pursue my option but wanted an idea of how much of a leg do I have to stand on? The lease paragraph goes into specifics regarding the option that are to lengthy to list. I guess my question is can my Landlord be legally forced to sell under the conditions of the lease?


Asked on 6/04/09, 6:02 pm

2 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Rights regarding purchase option.

More information is needed. Specifically, I would need to read the exact language in the lease to determine whether there are any conditions under the option.

Mike.

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Answered on 6/04/09, 6:31 pm
Steven Czik CZIK LAW PLLC

Re: Rights regarding purchase option.

It would be highly advisable to have an experienced attorney review the contract. We have substantial experience handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.

Gordon

Law Offices of STEVEN J. CZIK, P.C. 101 Avenue of the Americas, 15th Floor New York, New York 10013 212.413.4462 [email protected]

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Category: Criminal Law

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Answered on 6/09/09, 1:57 pm


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