So you're ready to jump into the commercial real estate arena and you think your experience from buying a home in NYC is enough to prepare you? We hate to be the bearer of bad news, but whether you're buying a hotel or retail space, you're in a completely different world from residential properties. We're here to make sure you don't have to find that out the hard way.

The distinction between residential and commercial real estate in New York is actually a simple one. While residential real estate is suited for living purposes, commercial real estate is used to generate profit. Here are just a few examples to better understand the difference.

• 3-bedroom family home (Residential)
• 20-room hotel (Commercial)
• Home remodeled as duplex (Residential)
• 10-unit apartment complex (Residential)
• Gas station (Commercial)

The one word that everyone loves is what distinguishes residential from commercial: profit. Keep in mind, though, that the old tenet "money isn't everything" wasn't just a cute classroom quote to make you share your snacks. There's a few other things you need to consider as well. 

So we've helped you understand the difference between commercial and residential real estate. Don't let our ability to make complex legal issues easily understandable fool you, though. You might also run into the following issues that our legal professionals can help with.

• Large tax liability from appreciated property
• Liability deferral (e.g., IRS Code Section 1031)
• Potential mechanic’s liens
• Surveys, maps, local codes, easements

• Undisclosed conflicts of interest (e.g., dual agencies)
• Loss of liquidity
• Potential for squatters or non-paying tenants

All of these issues come into play when buying or selling commercial real estate. Failure to perform your due diligence in even one of these areas can result in huge losses after closing. A skilled NYC commercial real estate attorney can help you navigate these issues and find a profitable conclusion.

New York commercial real estate is an entirely different beast than residential properties. The properties are on a larger scale, so the risks are as well. Don’t take the chance of leaving yourself with financial or legal issues after the sale. Contact us at Fisher Stone today to ensure a smooth process through your commercial endeavors.

If residential real estate is the cute little bear cub at the Central Park Zoo, New York commercial real estate is its 700-pound, angry and hungry uncle that lives in Canada. The properties are on a larger scale, so the risk is larger as well. We can't help you against the grizzly, but we can simplify the commercial real estate process for you any time. 

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If you have any questions, our attorneys would be happy to answer them for you. Speak with an attorney today.

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