Sahn Ward Coschignano, PLLC May 2019 E-Newsletter

Michelle Greenberg recently joined the Firm as Counsel. She concentrates her practice in real estate law and transactions and brings an extensive amount of experience representing landlords, tenants, buyers, sellers, lenders and borrowers in handling complex commercial real estate transactions.

What does your practice entail?
My practice consists of handling all phases of commercial real estate transactions, including commercial leasing for both landlords and tenants, acquisitions and sales of commercial properties, and commercial financing for both lenders and borrowers.

What are the biggest challenges in handling a commercial real estate transaction? A commercial lease?
Generally, the biggest challenge in handling a commercial transaction is managing expectations of all the parties involved, both my client and the other side, to get everyone to the table to close a deal. The biggest challenge in working on a commercial lease is that, in addition to protecting my client’s interests in the present, I must also anticipate what their future needs might be, including changes to their business, growth, contraction and transfers, so that I can draft documents that will be protective of them in the future.

What trends do you see in the metropolitan New York real estate market?
There continues to be significant growth among flex office space providers in the likes of WeWork, Knotel and Spaces by Regus. Companies are looking for flexibility to grow and contract, as well as the ability to invest in retaining and attracting talent. Co-working offers a flexible menu of options with modern facilities, which make including co-working a very attractive option as part of a corporate client’s real estate strategy. Additionally, given the competition, we are also seeing owners creating their own brand to offer similar services in order to compete.

How will Mayor de Blasio’s bill banning the use of glass and steel in newly constructed buildings impact the New York City real estate market?
It is too early to say. The impact depends on the language in the legislation as ultimately signed into law. There has been some indication that the legislation will not be an outright ban on glass and steel, that developers will still be able to use those materials, so long as they employ other sustainability methods at their properties.

What attracted you to the more complex aspects of real estate law?
I’ve always been interested in real estate development and thought briefly about becoming an architect. Transactional real estate allows me to be part of a team bringing a real estate project to fruition, even if it is just providing the legal expertise to close a land purchase, obtain construction financing and putting revenue-generating leases in place.

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Sahn Ward Coschignano, PLLC is one of the region's most highly regarded and recognized law firms. Our attorneys are thought leaders and dedicated to achieving success through excellence. With our broad experience in land use, development, litigation, real estate, corporate and environmental law, we have the vision and knowledge to serve our clients and our communities.

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