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Many landlords would rent office space to small companies or start-ups. If those companies got into financial trouble, they would fail to make payments on the property but refuse to give up the space, forcing the property owners to go through the process of eviction. [1] This led to the demand, and creation of the Good Guy Clause.
The real estate rented may be all or part of almost any real estate, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things all under real estate law. The tenancy agreement for real estate is often called a lease, and usually involves specific ...
Because of an oversupply of office space in Lower Manhattan, few companies were willing to lease the 500,000 square feet (46,000 m 2) of vacant office space at 70 Pine Street. [177] Furthermore, a decline in demand for luxury condominiums in Manhattan, spurred by the late-2000s recession, prompted Youngwoo to cancel its condo-conversion plan.
According to Real Capital Analytics, a New York real estate research firm, more than $160 billion of commercial properties in the United States are now in default, foreclosure, or bankruptcy. In 2024, office leasing volume rose to its highest level since 2020, but roughly 60% of active office leases went into effect prior to the pandemic. [5]
Connor Martinez, the director of legislative affairs in the mayor’s office, sent an email on Nov. 12 to the concerned councilmembers confirming the city lease at 14 Wall Street, owned by real ...
Leasehold: An estate of limited term, as set out in a contract, called a lease, between the party granted the leasehold, called the lessee, and another party, called the lessor, having a longer estate in the property. For example, an apartment-dweller with a one-year lease has a leasehold estate in her apartment.
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