COURSE DESCRIPTION
Ground leases are sophisticated contracts combining the elements of a buy/sell agreement, a conventional commercial lease, and a financing. A landowner enters a long-term lease with a developer who constructs a building or other improvements on the land. The developer generally finances the building, occupies it or leases it out to other tenants, and pays the landowner rent on the underlying ground over a long period of time. There are many benefits of ground leases for the landowner and the tenant. But they are very complex agreements involving sophisticated economic calculations, and they require special drafting. This program provides you with a practical guide to understanding how ground leases work and negotiating and drafting the underlying document.
Part 1—April 24, 2018
• Overview of the important provisions of ground leases
• Understanding the underlying economics of ground leases
• Permitted use and change of use
• Methodologies for setting and adjusting rent to reflect risk and value over time
Part 2—April 25, 2018
• Major financing issues, including subordination
• Construction and development issues
• Special condemnation and casualty considerations
Speaker: Joshua Stein is the principal of the New York City office of Joshua Stein PLLC. He has wide experience in commercial real estate transactions, defaulted loans, and other real estate disputes. He is a Fellow of the American College of Real Estate Lawyers, a member of the Anglo-American Real Property Institute, and past chair of the New York State Bar Association Real Property Section Commercial Leasing Committee. He is the author of five books, including A Practical Guide to Real Estate Practice (ALI-CLE 2001).