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Adam Leitman Bailey, P.C. Was Able to Negotiate New York City Commercial Building Sale

Adam Leitman Bailey, P.C., represented the seller of a commercial retail and residential use building in Manhattan. The transaction involved long negotiations and many drafts to get Adam Leitman Bailey, P.C.’s client the precise structure they were looking for. An issue early on was how to handle the eviction of some residential tenants that were not paying for several months and that likely if not evicted prior to closing could cause some issues for Adam Leitman Bailey, P.C.’s client. Adam Leitman Bailey, P.C. was able to structure a post-closing buy-out amount for each tenant so that if the eviction was completed post-closing the seller would still be able to recoup past rents from the tenant under the buy-out terms. This provided added financial savings to the seller.

In addition, the buyer wanted to assign Adam Leitman Bailey, P.C.’s clients current mortgage to save on the buyer’s potential New York Mortgage Tax on the amount of their new loan. The savings in this situation was over 2.8 percent of the Outstanding Mortgage Balance and an amount greater than $75,000.

Again, Adam Leitman Bailey, P.C. was able to negotiate a sharing of such savings between the seller and the buyer to allow its client to get some financial benefits for cooperating with the buyer. The savings resulted in the seller getting additional monies that they did not anticipate at the beginning of the transaction.

The Adam Leitman Bailey, P.C. team was able to get the client the sales price negotiated and additional funds that others may have left at the table.

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