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How Is The Coronavirus Affecting Real Estate In New York?

As people around the world have heard by now, a new virus was recently discovered in China in December 2019. Since its initial discovery, the coronavirus, which has been formally named COVID-19, it has been confirmed in a majority of states throughout the United States, including New York. The coronavirus has impacted nearly every industry in some way, including real estate. 

As legal experts in real estate and construction law, we know the significance of understanding the virus’s impact, not only on the economy but in the real estate industry as well. Here are the most important things to know about the coronavirus and how its effecting New York real estate.

What Are The Risks?
With over 8.6 million residents, New York City is expected to see a number of changes in real estate in the coming weeks. According to the article from Curbed New York, the real estate industry is expected to see delays in a number of commercial real estate development projects. This will likely be a result of required work restrictions that could force workers to temporarily halt construction in an effort to reduce the spread of the coronavirus. 

Another ongoing issue is that many construction projects rely on supplies that come directly from China, which remains the hardest-hit area in the world. Like the United States, many cities in China were forced to shut down businesses to protect their citizens. As a result, there has been a slow-down in the number of supplies that are being produced. While the country has started to return to work, it will continue to have an impact on real estate in New York City.

The Ongoing Impact
As we mentioned, a number of real estate development projects are expected to halt as more restrictions are put in place to slow the spread of the coronavirus. Because of the unprecedented territory that we are in with the coronavirus, there is not a specific timeline of when any restrictions will be lifted. Additionally, it is difficult to determine how detailed the restrictions could become in the coming weeks.

While this continues to be a concerning situation for communities around the world, it is important to remain vigilant and provide as much support as a professional as possible. Learn more about its impact from Curbed New York.

About Getler, Gomes & Sutton PC
Getler, Gomes & Sutton PC is a real estate and construction law firm in New York. The firm also specializes in high-rise developments in New York City, and was created by its Principal, Janine Getler in 2009. Follow Getler, Gomes & Sutton PC on Twitter to learn more.

How Does Real Estate Law Differ From Business Law?

The legal industry has continued to grow and become more complex over the years, as our society has continued to evolve. Two areas of law that have gotten considerably larger are real estate law and business law, and anyone who has worked in the professions will likely not be surprised at their evolution. In order to get a better understanding of how real estate law and business law differ, let’s take a look at each of them in more detail.

Real Estate Law
In its most basic terms, real estate law refers to real estate properties and how they are used. Properties can be used for both residential and commercial use but must go through a legal process to be approved. Real estate law ensures that properties are not only being used for the original intentions but are properly owned and managed as well. 

Because commercial real estate properties are often used for business purposes, it is necessary to perform regular safety and maintenance inspections. This ensures the safety of the visitors to the property while also reducing the risk for the owners. Real estate law offers services for both residential and commercial real estate, as there are many legal requirements when purchasing or selling a property. Their services are meant to protect those involved in real estate from unexpected issues. 

Business Law
Business law focuses more on legal matters within the business sector. In addition to helping new companies come to fruition, business law focuses on handling any legal matters as the company grows. A business will likely have ongoing interactions with both other businesses and individuals of the community, so it is important to understand business law. This can help reduce the risk of something significantly impacting one’s business. Business lawyers are qualified to help businesses with complex transactions, assembling a legal counsel, nonprofit law, commercial litigation, and more.

While real estate law and business law do have similarities, their main focuses and roles will vary. As a business owner or real estate investor, it is important to understand how real estate law and business law differ from each other. 

About Getler, Gomes & Sutton PC
Getler, Gomes & Sutton PC is a real estate and construction law firm in New York. The firm also specializes in high-rise developments in New York City, and was created by its Principal, Janine Getler in 2009. Follow Getler, Gomes & Sutton PC on Twitter to learn more.

Getting Help For Commercial Real Estate Issues

Investing in commercial real estate can be a very smart business decision. Rent payments can create a steady stream of passive income, which is often enough to live on by itself. It is not a risk-free proposition, however, and there are any number of problems that could occur throughout the time in which an investor owns a property. Here are the resources to turn to when help is needed for commercial real estate issues.

Bank
It is not uncommon for an investor to seek the aid of a bank in order to purchase commercial property. This is a common commercial real estate issue that requires a loan to solve. Prospective investors should be sure they have all the necessary materials and meet all requirements before applying for a loan, such as having a business plan, past financial statements, and more. Consider a business loan if needed as well.

Legal Professionals
Legal professionals are another invaluable resource for dealing with commercial real estate issues. There are even different specializations of law an investor may need aid with, leading them to have contact with several different attorneys. For example, there are attorneys specializing in landlord-tenant law, whose services will be needed for investors having a dispute with a tenant. Investors may also need a real estate lawyer to look over any contracts when buying or selling a property. 

Contractors
Contractors are necessary professionals a commercial real estate investor will likely need to consult at some point. Buildings and mechanical systems need maintenance, updates, and repairs, all of which specialized contractors are qualified to do. This includes everyone from plumbers to HVAC specialists to general maintenance workers. Choose qualified contractors by asking for recommendations, keeping a copy of their insurance information on file, observing prior work, and paying attention to intuition.

Real Estate Agent
Owning the right properties for the purposes of achieving a specific goal is one of the most effective ways to run a successful commercial real estate business. When it comes to building a portfolio correctly, a real estate agent specializing in working with investors is a good bet. Adding one that has relevant experience and the right personality to an investor’s professional network can help them alleviate many potential problems with buying and selling properties.

About Getler, Gomes & Sutton PC
Getler, Gomes & Sutton PC is a real estate and construction law firm in New York. The firm also specializes in high-rise developments in New York City, and was created by its Principal, Janine Getler in 2009. Follow Getler, Gomes & Sutton PC on Twitter to learn more.

Tips On Finding The Right Contractors In Real Estate Development

Real estate development can be both an exciting and fast-moving field, as it contains a number of important moving parts to make it successful. In real estate and construction law, we have learned that finding the right people to work with, as equally as important as finding the best materials to develop a property. 

One of the most important professionals that you may work within real estate development is a contractor. Contractors are going to be heavily involved in the real estate project and will be there to make sure that the process runs smoothly. When determining the right contractor for your real estate development project, make sure to follow these helpful tips. 

Have A Thorough Plan Completed
When starting to look for a real estate contractor, it is important to complete the full plan for the project before making a final decision. In doing so, you will not only be able to present the project in its entirety to potential contractors, but this will ensure that you get the most accurate estimate possible. This can reduce the risk of unexpected billing issues coming up further in the project. 

Do Your Research
As technology has continued to evolve, it has allowed people to find information more easily than ever before. Conducting a simple online search can yield a wide array of information about a person or company, making it a great option when deciding on a contractor. Doing research on potential contractors can help you learn more about the type of experience that they have while ensuring that they have the background knowledge to take on your project. 

Look For Referrals
While technology has allowed us to expand our search for professionals, word-of-mouth continues to be a highly effective tool. Talk to family, friends, or work colleagues about any recommendations that they might have. Not only will you have a personal connection to the contractor, but you also can rest assured knowing that they were directly recommended to you. 

About Getler, Gomes & Sutton PC
Getler, Gomes & Sutton PC is a real estate and construction law firm in New York. The firm also specializes in high-rise developments in New York City, and was created by its Principal, Janine Getler in 2009. Follow Getler, Gomes & Sutton PC on Twitter to learn more.

Philanthropy Tips For Your Law Firm

Law firms provide the important service of helping people resolve a variety of legal issues. However, many such entities also enjoy aiding people and organizations in need. Legal establishments can maximize their philanthropic efforts by practicing the following tips:

Establish A Charitable Donations Committee
Charitable donations should not be offered in a haphazard, fly-by-night, disorganized manner. Conducting business this way might not only lead to critical funds being unaccounted for but precipitate discrepancies amongst employees. Such pitfalls can be avoided by establishing a charitable donations committee that oversees allocated funds and gathers a consensus about which benevolent causes to donate to. 

Formulate A Documented Policy
A further organization may be garnered by establishing a written policy governing charitable donations. These mandates can preside over issues such as which charities can be considered and how requests should be made. 

Donate To Local Efforts
Law firms are encouraged to donate to local charities. Though any benevolent effort is typically worthwhile, local endeavors provide certain added benefits. First, dollars given to local initiatives manifest in programs and initiatives that are readily discernible to firm members. Additionally, the law firm can actively participate in such activities and forge working relationships with local organizations. Moreover, donating to local causes may help build the firm’s reputation, which could ultimately increase its client base. 

Set Up A Foundation
Larger firms of those with significant assets might consider setting up a charitable foundation. The funds comprising the foundation could come from the firm’s partners, associates, and other employees and a variety of individuals and organizations. Associated funds could finance whatever endeavors the firm’s leaders believe are valuable, such as educational or health-related charities. 

Partner With An Established Organization
Sometimes, forging partnerships with a local chapter of a well-known benevolent organization can have far-reaching positive consequences. When two powerful, resource-laden entities pool their capacities, a greater number of programs and services could benefit. 

Offer Pro-Bono Legal Services
In many instances, individuals face legal crises or circumstances in which the talents of an experienced attorney is necessary when they can least afford to pay for such services. Ergo, a portion of a firm’s charitable budget or foundational holdings, could be allocated to cover the expenses incurred by pro-bono clients.

About Getler, Gomes & Sutton PC
Getler, Gomes & Sutton PC is a real estate and construction law firm in New York. The firm also specializes in high-rise developments in New York City, and was created by its Principal, Janine Getler in 2009. Follow Getler, Gomes & Sutton PC on Twitter to learn more.

How To Get Started In Property Development

As legal experts in real estate and construction law, Getler, Gomes & Sutton PC knows the significance of understanding the property development process. The process can be both exciting and overwhelming if the proper steps to get started are not taken. Before jumping into property development, it is important to do your research about the industry and what it entails.. By studying property development in further detail, you will not only feel more confident upon beginning but will understand the various legal requirements within real estate. 

Find A Location
When first beginning the process for property development, it is crucial to find a location that makes sense for your goals and budget. When looking for a location, it is important to be patient and not commit to something without doing thorough research beforehand. For example, is the property big enough for your property goals? Does the location or property have any unique requirements within the building process? Being thorough in your initial search can reduce the possibility of running into unexpected setbacks.

Determine Finances 
While many people have money saved when first starting out, it is common to look for investors to support the project to its completion. It is important to secure enough funding to complete the project, as it can be difficult to cover the cost of the entire project as the developer. There are a few options when looking for an investment, whether through individuals or a business loan. Determine what option makes the most sense for your goals, so you can create a compelling pitch to prospective investors.

Create A Realistic Timeline
Before beginning the property development process, it is important to put together a detailed, realistic timeline for the project. When creating the timeline, include specific details about the phases of the project, and what needs to be completed within each phase. This will help you get a better idea of how much time should be allocated and what types of contract work the project will require. 

While these are the major steps in preparing for property development, it is important to be as thorough as possible at every step. In doing so, this can help you to complete a successful real estate project!

About Getler, Gomes & Sutton PC
Getler, Gomes & Sutton PC is a real estate and construction law firm in New York. The firm also specializes in high-rise developments in New York City, and was created by its Principal, Janine Getler in 2009. Follow Getler, Gomes & Sutton PC on Twitter to learn more.

A Deeper Look Into Commercial Real Estate Insurance

Those who are starting their own business need to consider more than just providing excellent products and quality service. A major part of being a responsible business owner is thinking of how to protect one’s business from emergencies. For those who lease or own a business space, property insurance can help them be prepared for problems. This guide will tell you everything you need to know about commercial real estate insurance.

Find Out What Property Insurance Covers
Also called commercial real estate insurance, this is a type of insurance meant to cover real estate used for commercial purposes. It can provide funds to repair or replace buildings, structures, equipment, furniture, supplies, or fixtures that are damaged. Most types of insurance will cover a variety of damage, ranging from natural disasters to intentional damage. Depending on the insurance an owner selects, they may even get costs covered for a stolen property on the site. However, vehicles, money, plants, and outdoor signs or fences may not be included, so people should always check carefully when buying insurance.

Learn If Property Insurance Is Really Needed
A major misconception among business owners is the idea that property insurance is only needed if a person actually owns the building or land associated with their business. However, the reality is that even renters can benefit from property insurance. Many leases actually require tenants to keep paying even if space is destroyed, so commercial real estate insurance can help people get the funds they need to survive a catastrophic fire, flood, or another issue.

Decide How Much Coverage Is Required
Once a business owner decides to get property insurance, they will need to decide on how much coverage they want. Higher coverage usually costs more, but it provides more funds in an emergency. There are two types of coverage to consider: actual cash value and replacement cost. Actual cash value gives an owner cash equal to the current cost of replacing the property. Meanwhile, replacement cost pays the cost to rebuild or repair the property. Those who are not sure which option or how much coverage works best for them can ask an agent for advice to get a better picture of what sort of commercial real estate insurance they need.

About Getler, Gomes & Sutton PC
Getler, Gomes & Sutton PC is a real estate and construction law firm in New York. The firm also specializes in high-rise developments in New York City, and was created by its Principal, Janine Getler in 2009. Follow Getler, Gomes & Sutton PC on Twitter to learn more.

Real Estate Investment Trends To Look For In 2020

Undoubtedly, 2020 will be a great period of time for real estate professionals from all backgrounds and approaches to investing to make a splash in the market. The economy is currently booming, and many young professionals are driving a housing market renaissance as they launch careers in up-and-coming areas of the country. Here are just four important real estate trends to look for in 2020, and why investors may be in for a fantastic year. 

Buyer Demand in Urban Areas
Within the US, most of the economy has been defined in recent years by the growth of the service sector and office jobs. Because large firms like to centralize their places of operation, most individuals hired for these jobs will tend to live in urban areas. This will undoubtedly create a booming market for real estate investors: Whenever Amazon opens a warehouse or customer service center in a new city, for example, housing prices are sure to be strong for the foreseeable future.

Stability of Home Price Growth
In recent years, the United States has seen an enormous amount of growth in the value of homes throughout the country. This trend has shown remarkable potential in recent years in big urban areas like San Francisco and Manhattan. Home prices will continue to grow in 2020, but the real estate market probably won’t keep up its former pace: For real estate professionals looking to make their mark in a new region, however, that kind of stability can still provide a reliable source of income and opportunities for quality investments. 

Urban Professionals Will Increasingly Favor “Secondary” Cities
When choosing a place to live, many urban professionals have traditionally kept their eyes on major urban hubs like New York, San Francisco, and Los Angeles. But as housing prices soar in these areas, many young professionals are beginning to look at affordable up-and-coming markets as places to launch their careers and start new families. In recent years, for example, cities like Atlanta, Austin, and Portland have become very popular with younger people: That trend will almost certainly continue in 2020, and housing markets in these areas will be great places for real estate professionals to invest their money.

Middle America Will Offer Great Investment Opportunities
For individuals just starting out their real estate investment careers, money is often tight, and in cities like San Francisco, it can be very difficult for investors to grasp the first rung on the housing ladder. Fortunately, real estate opportunities abound in much of the Midwestern and Southern United States: In many areas of cities like Louisville, Kentucky, for example, housing is both affordable and attractive to younger generations of professionals. Such conditions can lead to big opportunities for investors in the long-term.

About Getler, Gomes & Sutton PC
Getler, Gomes & Sutton PC is a real estate and construction law firm in New York. The firm also specializes in high-rise developments in New York City, and was created by its Principal, Janine Getler in 2009. Follow Getler, Gomes & Sutton PC on Twitter to learn more.

Making Real Estate Law Better For New Yorkers

Most people know what a lucrative field real estate can be. Not many people understand how complex it is. Real estate law deals with a variety of issues related to possession and tenancy. In New York, real estate laws are written at the state level, though they may be supplemented by local laws in cities. Real estate laws address a variety of disputes and misunderstandings that can arise between landlords and tenants. They also take into account the problems that can arise during a sale or property transfer.

New York’s real estate laws are fairly comprehensive, but still have some gaps that can be frustrating for tenants and landlords. For example, most states or localities specify when a renter’s deposit must be returned. In New York, the standard for that is vague. Whereas most places specify a time limit of 14 or 30 days, in New York, the only guideline is within a reasonable time. Reasonable is open to interpretation, and this can lead to disputes among landlords and tenants. Luckily, New York State has landlord-tenant courts where these disputes are resolved.

Real estate laws in New York also have quirky features that can be helpful to tenants. For example, during bankruptcy proceedings, New Yorkers can declare that part of their property is their homestead. This portion of the property is then set aside, so to speak. Homestead laws in New York mean that people going through bankruptcy may not have to worry about homelessness, too. This is a particularly important protection for elderly and disabled New Yorkers. Typically, the range of value for a homestead is $75,000 to $150,000. For married couples, these amounts are doubled.

Adverse possession laws in New York offer a way for communities to ensure improvements to property, while also rewarding good tenants. Adverse possession requires that a person publicly live on a property, make improvements, and pay taxes on it. After ten years of this type of tenancy, the person then takes possession or ownership of the property. Adverse possession is a rare thing in modern real estate. However, it’s an important option for all kinds of communities that have seen a downturn. Occupied, cared-for properties tend not to have problems in the way abandoned ones do.

About Getler, Gomes & Sutton PC
Getler, Gomes & Sutton PC is a real estate and construction law firm in New York. The firm also specializes in high-rise developments in New York City, and was created by its Principal, Janine Getler in 2009. Follow Getler, Gomes & Sutton PC on Twitter to learn more.