June 2017 Vol.9 Issue 9
Dear Friends ,

I like options. I like options in my personal life as well as my business life. Options give us opportunities to be flexible, and accommodate changing situations. I also like options for our clients, particularly when we are signing contracts.

This month's article is all about the contingencies you may want to try and negotiate if you are purchasing a building. What are contingencies? They are options to cancel the contract if conditions are not favorable. Almost any contract of sale for real property today will include a contingency for clear title to the property and environmental review. But contingencies can be a lot more than that, including the ability to cancel the contract for "any reason or no reason."

If you are planning to purchase real estate, read the full article for a description of how to expand your options!

Oh, the possibilities!
David G. Hunt
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Contingencies in a Contract of Sale
 by David Hunt
   
Q:  We are negotiating the sale of our industrial building, and the buyer is insisting on a long list of contingencies in the contract. What is normal?

A: There is no "normal" set of contingencies to a contract of sale, in the same way there is no "normal" real estate deal. Contingencies are simply another set of business terms that are agreed to by a buyer and seller. I have negotiated contracts that permit the buyer to cancel within a specified period of time for "any reason or no reason," as well as contracts that took three or four years to close because of rezoning contingencies. And I have also negotiated a contract with absolutely no contingencies, in which the buyer . ...
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PROPERTY HIGHLIGHTS
  
Plainview, NY
   
10,000 Square Feet Available
10,000 Square Feet of Flex Space for Lease
 

15,890 Square Feet of Office
15,890 Square Feet of Flex Space for Lease
12,076 Square Feet of Office
12,076 Square Feet of Office Flex Space for Lease


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COMPANIES ON THE MOVE
  
Time-Cap Labs is moving to 220 Miller Place, Hicksville .
Elite Steel has leased 2165 Fifth Avenue, Ronkonkoma.
DeAngelis has purchased 262 Glen Head Road, Glen Head.
RP Realty has purchased 37 Denton Avenue, New Hyde Park.
Poured Floors has leased space at 101 Nassau Terminal Road, New Hyde Park.
COMPARABLE SALES IN THE LAST 12 MONTHS

City  Address               Property Type  Size SF   Office SF Acres Total  Sold Price/SF  Sold Date 
Franklin Square 882 Hempstead Turnpike
Office
2,700
.11 $183.33
5/22/2017
Uniondale 60 Charles Lindbergh Office 217,226
 7.78 $347.56 5/19/2017
North Hills 
 3111 New Hyde Park Road
 Office Medical
 26,690
1.75
$548.89
5/8/2017
West Babylon
669 Sunrise Highway
Industrial
 11,000
.34
$100.00
5/4/2017
Ronkonkoma
 150 Remington Boulevard
 Industrial Condo
 5,506
 1,376
$122.59
 5/3/2017
Port Washington
366 Main Street
 Office
 7,356
.70
 $224.31
4/28/2017


Commercial Real Estate
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