How a Commercial Real Estate Business Hired a Lawyer to Review a Ground Lease in New York

In 2021, a small co-op in New York sought assistance with a ground lease contract that had 33 years remaining and lacked a renewal clause. The client aimed to extend the land lease by an additional 5 to 10 years, allowing them more time to either purchase the land or secure financing to buy it from the current owner. This extension was critical to ensuring the long-term viability of their project and addressing the impending expiration of their lease. As a result, the client received two proposals from licensed attorneys, with flat fee bids ranging from $750 to $1,200. All proposals were submitted to meet the client’s requested deadline of over a week, reflecting the urgency and importance of their needs.