How Much Should I Charge for Renting My Backyard to a Developer? NYC

[Cassie Chandler]

A real estate developer rented out my family’s backyard and put up scaffolding to build a building complex in Queens, New York.

The developer and my family signed a contract allowing them to use the backyard. The current payment is $500 per month, which was agreed upon verbally.

The developer is constructing a complex with 70+ units, which has also affected our neighbors. One of our neighbors secured an agreement for $2,000 per month. The scaffolding is expected to remain for 24 months.

Can I renegotiate with the developer and ask for more? If I do, could the $500 per month be revoked in any way? Will I need to involve a lawyer?

Thank you.