On June 29, 2021, in The Gap, Inc. v. 170 Broadway Retail Owner, LLC, the New York Appellate Division, First Department, overturned an earlier decision by the New York Supreme Court and issued a decisive victory to commercial...more
9/2/2021
/ Business Interruption ,
Commercial Leases ,
Commercial Property Owners ,
Commercial Tenants ,
Contract Terms ,
Coronavirus/COVID-19 ,
Frustration of a Common Purpose ,
Infectious Diseases ,
Landlords ,
Rent ,
Rental Property ,
Retailers
Lenders often require their borrowers to be “special purpose entities” in real estate transactions. This is a way that lenders can mitigate their bankruptcy risk in the event that the borrower or any of its parent entities...more