New York, NY asked in Landlord - Tenant for New York

Q: We need to leave our office due to covid downturn in biz after 16 yrs but have no "get out early" clause.

We have never not paid the rent except in the last month where we paid 50% as our business income has gone to zero since Covid started. Landlord suggested one smaller office space but cost to move and fact that we need to remove this overhead entirely means it's not necessarily a solution. Our lease has us bound until September/October 2021. We have been an exemplary tenant and generally enjoyed a great relationship with the landlord GFP Real Estate.

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1 Lawyer Answer
Elaine Shay
Elaine Shay
  • Landlord Tenant Lawyer
  • New York, NY
  • Licensed in New York

A: Many tenants with otherwise outstanding track records with their landlords have been unable to meet ongoing rent obligations as a result of the Covid-19 crisis. Sometimes, the terms of a specific lease or guaranty can provide a basis to end a lease early or at least suspend payments that became due during the shutdown. It may be worth your while to retain a law firm that has been negotiating exits by other commercial tenants.

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