Attorneys at Adam Leitman Bailey, P.C. represented the seller of a multi-million dollar commercial building on Third Avenue in Manhattan. The property, which contains both commercial and residential tenants, was in high demand given its location in one of Manhattan’s most exclusive and desirable neighborhoods.
Despite numerous obstacles faced by our team during the course of the transaction, which included ongoing litigation with several rent stabilized tenants living in the building, our attorneys carefully tailored the contract to protect the seller by assigning to purchaser any potential liability related to pending litigation.
Attorneys at Adam Leitman Bailey, P.C. were also able to find creative ways to save our client significant closing costs. For example, our team of attorneys successfully negotiated a Consolidation, Extension, and Modification Agreement (CEMA) as part of the final contract of sale which saved both our client and the purchaser, a well-known real estate developer, tens of thousands of dollars in New York State Mortgage Recording Tax. Our client, previously unaware of the existence and benefits associated with CEMAs, was ecstatic to learn of the tax savings and increase to their net profit.
In addition to obtaining substantial savings on NYS Mortgage Tax through a CEMA, attorneys at Adam Leitman Bailey, P.C. also handled complex litigation and due diligence matters affecting the property.
Adam Leitman Bailey, P.C.’s tactical approach to contract negotiations was crucial to achieving a successful outcome.