New York, NY asked in Real Estate Law for New York

Q: Hi, what happen if I break the commercial lease due to slow business due corona ?

can landlord go after me( my personnel asset ex: bank account .... ) if I break the lease again due to the slow business cause of corona

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3 Lawyer Answers
Gregory Byrnes
Gregory Byrnes
PREMIUM
Answered
  • New York, NY
  • Licensed in New York

A: Yes you could be held liable, but you would need to be name in the lease as the lessee or a guarantor to the lease.

Elaine Shay
Elaine Shay
PREMIUM
Answered
  • New York, NY
  • Licensed in New York

A: To correctly answer your question, the terms of your lease must be reviewed. Generally, if you break a lease (residential or commercial) the landlord can hold you liable for the unpaid term of your lease until the premises is rented again.

Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: As we sit here, the NYC law was changed to nullify personal guarantees. Thus, the landlord cannot do so. However, there are constitutional and jurisdictional issues that make this law suspect, so it is unclear now what will happen. If you want to break your lease, now is the time to do so, as you have the greatest leverage.

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