Andrew C. Jorges, Esq., of the Transactional Department at Adam Leitman Bailey, P.C., represented the seller of a multi-million dollar commercial building on Bedford Avenue in the Williamsburg section of Brooklyn, NY. The property, which contains both residential and commercial space, was in high demand because of its location in one of Brooklyn’s most expensive neighborhoods.
ALBPC encountered unexpected headwinds during the course of the transaction when the purchaser of the property, a well-known real estate developer, changed the terms of the deal by refusing to sign a contract unless the Seller agreed to deliver the entire premises vacant on or before closing date. Fortunately for the Seller, Vladimir Mironenko, Esq. of the Landlord/Tenant Department at ALBPC sprung into action and immediately served a notice of termination on the remaining tenants in the premises. A mere eighty-six days after entering into a binding contract, ALBPC was able to ensure the building was vacant, title issues were cleared, and the deal was consummated.
ALBPC’s tactical approach to contract negotiations, as well as their extensive experience handling landlord/tenant matters, was key to a successful transaction. A