Hi, my name is Andy Weltchek. I’m a partner at the law firm of Cohen Hochman and Allen in New York City. I represent individuals and businesses who own property, that is land or buildings in New York City and have problems. They need to close a deal or resolve a dispute. They have problems. They come to me and I help.
Here’s an example, ROFR vs. ROFO. Say what? That is a right of first refusal versus a right of first offer. If you’ve ever owned a condominium unit, you may be familiar with the right of first refusal because often in a condominium, the board has a right to buy the apartment or the commercial unit when it’s for sale rather than some other buyer that they don’t like.
But sometimes in other contexts, you want a right a first refusal or a ROFO, which means you get first crack at buying the condominium unit, the building, your partner’s interest in your business, or some other shared ownership. And you want to be the first one. Now, that sounds simple. Sure. Your landlord will call up. You’re the commercial tenant. He’s decided to sell the building. And he says, I want X. Can you pay me? Sounds simple, doesn’t it? It is anything but. In fact, it’s an invitation to conflict and lots of complicated drafting and it can be very difficult. So you have to be careful.
Don’t get into a ROFO or a ROFR, a right first offer, or a right of first refusal just because it sounds good. And you think it’s simple. Sure I can get along with my partner or my landlord or the condominium board. Well, no, it’s not so sure. And when you get into those problems, you can call me, Andy Weltchek, a partner at the law firm of Cohen Hochman, and Allen.
You can reach me at any time on my cell at 973 223 4567. Thank you.