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demolition clause

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demolition clause

A clause that allows landlords to cancel a lease in the event they decide to demolish the building.



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[ILLUSTRATION OMITTED] The property at 112-14 West 31st Street, currently occupied by a five-story commercial building with retail stores--all possessing demolition clauses in their respective leases--is located on the south side of West 31st Street between 6th and 7th Avenues.
A demolition clause, though, abruptly terminated that deal.
Approximately 55 percent of the leasable area operates on a month-to-month basis and/or operates on leases with demolition clauses.
 
 
 
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