Selling Commercial Real Estate in Long Island, NY

September 7, 2023 8:12 AM

Is it difficult to handle a commercial real estate transaction in Long Island, New York?

My company owns a medium-sized warehouse in Long Island, New York - specifically Suffolk County. We've been approached by a serious buyer and we're considering their offer (I'm pretty sure they have private financing and not going through a bank). Our first instinct is to handle the transaction directly to avoid realtor costs. But knowing what I know about New York State and Suffolk County, the bureaucracy can be byzantine and the paperwork tedious. My question is: how difficult is it to privately sell commercial real estate in Suffolk County, New York? Should I avoid pain and difficulty and just engage with a realtor? Or is this something a lay person can handle?

posted by slogger to Law & Government (3 answers total)

Best answer: I would think a lawyer would be more important than a realtor. You didn't mention a lawyer, so maybe it isn't a one-or-the-other scenario, but there are likely going to be complexities such as any ongoing liabilities for environmental issues or stuff like that that you should have a lawyer look at. A lawyer who does commercial real estate transactions will also be able to advise on any bureaucracy/paperwork issues.
posted by Mid at 8:30 AM on September 7, 2023 [4 favorites]

Best answer: Seconding Mid, you want a lawyer, not realtor. A lawyer who specializes in real estate. Preferably one who is local and will know all the details of the town.
posted by Marky at 8:57 AM on September 7, 2023 [1 favorite]

Best answer: Thirding above, everyone on Long Island uses a lawyer for real estate transfers, even residential. The good news is that there are lots of lawyers that specialize in real estate and the cost (at least in my homebuying experience) is flat, not a percentage of the sale or billed at an hourly rate.
posted by Jemstar at 3:13 PM on September 7, 2023