AT A GLANCE
1115 Clifton Avenue, Suite 204
Clifton, NJ 07013
Year founded: 2013
Number of attorneys: 4
Number of attorneys involved in commercial real estate in New Jersey: 3
Areas of expertise in real estate: Residential and Commercial Real Estate, Commercial Lease negotiation in connection with multi-unit Franchise development, Commercial Real Estate Litigation.
Individuals, corporations/entities looking to expand or sell off assets. Corporations/entities looking to restructure.
In addition to our office being well-versed in Residential and Real Estate transactions, I have extensive experience with Real Estate Litigation. I have litigated hundreds of specific performance and breach of contract matters, a number of which proceeded to trial. This allows me to foresee potential issues that can be prevented by strategically negotiating the contract of sale or lease.
ON THE HORIZON
In early 2021, I saw an uptick in 1031 exchanges. I believe sellers made a decision to liquidate smaller properties in order to take advantage of the equity that grew from 2020-2021. The funds were then snowballed into a bigger asset with no tax liability.
Our office represented a franchise car dealer in the acquisition of the building they previously leased. Our office negotiated the lease for the dealership 5 years ago. I successfully negotiated an option to purchase at an agreed upon price. The landlord decided to sell the property at a later time but did not want to honor the previously agreed upon price. The lease called for a time is of the essence closing date and the landlord was going to use this nuance to force our client to waive the option to purchase. Our office worked relentlessly to meet the time is of the essence closing date. The franchise car dealer has since expanded.
A real estate attorney referred our office a client who was purchasing a commercial property pursuant to a 1031 exchange. The seller of said property refused to abide by the terms of the contract of sale. Said refusal would have resulted in a large tax liability to our client as the relinquished property sold and therefor the deadline to purchase was quickly approaching. I hired a CPA to calculate the exact tax liability in the event the seller breached the contract of sale. Within 24 hours I filed a specific performance action and along with an order to show cause for temporary restraints. I served the seller’s transactional attorney and the seller directly. I personally served the seller at their home. After the seller realized their inevitable fate, and the realization that the Court will mostly likely award sale of the property along with damages for the tax liability in the event the 1031 exchange date lapsed, the seller agreed to immediately close the transaction.