commercial lease
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commercial lease
I am in year 7 of 10 year commercial lease.
I just received notice for proportionate share of real estate taxes. In the lease it states my share of building is 7.5. Lease also states I have 2000 sq ft. I have researched building and it has 44,000 rentable space. My proportionate share should be 4.5. The building isin NYC. Do I have a case to decrease my share of tax increase? thanks Dan
Asked on June 28, 2018 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If the lease states that your share is 7.5%, then legally, even if not actually, it is 7.5%: you are held to what you contractually (a lease is a contract) agreed to. Having signed the lease and agreed to pay for 7.5% of the space, you have to pay for 7.5%; the time to have questioned the allocation or proporation was before you signed.
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