In New York City, tenants have the valuable right to discounted rents in certain apartment buildings, usually depending on the buildings’ size and age. Since landlords have the incentive to charge as much rent as possible, landlords and tenants have the ability to benefit financially from the sale of these rights under the rent-regulation laws – so called “buy out” agreements.
As a result, for almost all rent-regulated apartments, you can find a landlord who would like to see the tenant vacate the apartment and may be willing to pay some serious money for this to happen. Adam Leitman Bailey, P.C. has completed some of the largest buyouts of both residential apartments and commercial leases per square footage in New York history. This list includes among many other matters:
- The buyout of a tenant’s residential lease for over two million dollars and $75,000 in payment of Adam Leitman Bailey, P.C.’s legal fees
- The sale/buyout of two commercial leases for 1.1 and 1.9 million dollars
- The buyout of a 400-square-foot rent-regulated apartment lease for 1.4 million dollars
- The buyout of a less than 400-square-foot rent-regulated apartment for $625,000
- The buyout of a 350-square-foot apartment for $650,000
- The buyout of a three bedroom apartment for more than two million dollars
To add are the settlements of several commercial leasing cases involving a number of commercial tenants receiving millions of dollars.
Adam Leitman Bailey, P.C. attorneys understand the importance of the art of negotiation and its attorneys have lectured, written, and even appeared on national television’s Dateline NBC to discuss their negotiating methods. Adam Leitman Bailey, P.C. attorneys are committed to perfecting and preparing for every negotiation and the firm constantly trains its attorneys on negotiating techniques and methods. Whether in maximizing the price when representing a tenant, or minimizing it when representing a landlord, Adam Leitman Bailey, P.C.’s expertise at the negotiating table is unsurpassed in the real estate industry.
Among New York’s most successful and prominent real estate attorneys, Adam Leitman Bailey has been identified among the top five percent of attorneys in the New York area, repeatedly named a Super Lawyer by Law & Politics Magazine, ranked in Chambers & Partners, and honored with a Martindale-Hubbell “AV” Preeminent rating as well as a Best Lawyer for himself and his law firm.
The Commercial Observer named Adam Leitman Bailey as one of New York’s Most Powerful Real Estate Attorneys. Real Estate Weekly recognized him as, “one of the most respected commercial real estate attorneys in not only New York City, but arguably the country.” The New York Times referred to his legal strategy and legislation proposed in one case as “novel,” in addition to remarking on another case in which “Adam Leitman Bailey fought on…grinding through excruciating detail and obscure Perry Mason moments.”