Is a “deed in escrow,” sometimes referred to as a “deed in a box,” enforceable in New York? While many real estate attorneys believe that it is not, a recent court ruling illustrates that the answer may not be as...more
6/19/2024
/ Bankruptcy Court ,
Borrowers ,
Deeds ,
Default ,
Escrow Holders ,
Foreclosure ,
Lenders ,
Mortgages ,
Property Owners ,
Real Estate Transactions ,
Right of Redemption
In an appeal heard by the Appellate Division of the Supreme Court in the First Judicial Department of New York, the Court recently ruled that a court may reform a guaranty after the statute of limitations for a reformation of...more
3/29/2024
/ Appellate Courts ,
Borrowers ,
Breach of Contract ,
Contract Claims ,
Foreclosure ,
Loan Agreements ,
Mortgages ,
Non-Recourse Loans ,
NY Supreme Court ,
Promissory Notes ,
Statute of Limitations
In a recent case, U.S. District Judge Edgardo Ramos ruled that a foreclosure sale governed by Article 9 of the New York Uniform Commercial Code (UCC) was “commercially reasonable” when viewed as a whole, denying claims made...more
In a case litigated in the New York Supreme Court, the Court recently ruled that a private equity firm that acquired a mortgage loan made on the Maxwell Hotel in New York does not have the authority necessary to convert...more
On April 14, 2021, U.S. District Judge Joanna Seybert dismissed a lawsuit filed by a group of five landlords against Attorney General Letitia James (“AG James”) in the Eastern District of New York (Chrysafis, et al. v. James,...more
On May 4, 2021, New York Governor Andrew Cuomo signed into law a bill passed by the New York State legislature extending to August 31, 2021 the existing eviction moratorium for residential tenants and independently owned...more
5/6/2021
/ Commercial Tenants ,
Coronavirus/COVID-19 ,
Eviction ,
Foreclosure ,
Governor Cuomo ,
Landlords ,
Moratorium ,
New York ,
Popular ,
Small Business ,
State and Local Government ,
Tenants ,
Undue Hardship
Since the start of the COVID-19 pandemic, borrowers and lenders alike have sought clarity regarding the permissibility of UCC foreclosure sales in the midst of the ongoing pandemic and the resulting economic fallout, as...more
3/23/2021
/ Administrative Orders ,
Appellate Courts ,
Borrowers ,
Coronavirus/COVID-19 ,
Foreclosure ,
Irreparable Harm ,
Mezzanine Lenders ,
NY Supreme Court ,
Preliminary Injunctions ,
Real Estate Market ,
Uniform Commercial Code (UCC) ,
Valuation
On March 9, 2021, New York Governor Andrew Cuomo signed into law the New York State COVID-19 Emergency Protect Our Small Businesses Act of 2021 (S471A/A3207) (the “Act”). After a full year of commercial tenants and commercial...more
3/19/2021
/ Commercial Leases ,
Commercial Tenants ,
Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Foreclosure ,
Governor Cuomo ,
Landlords ,
Moratorium ,
New York ,
Small Business ,
State and Local Government ,
Tenants ,
Undue Hardship
On December 28, 2020, New York Governor Andrew Cuomo signed into law the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”) passed by the New York State Legislature. The Act (S.9114/A.11181) is...more
New York State has extended the moratorium on commercial evictions and foreclosures through January 1, 2021. Governor Andrew Cuomo’s Executive Order 202.70 extends the previous deadline of November 3, 2020, in order to “align...more
On October 5, 2020, New York Governor Andrew Cuomo signed Executive Order 202.67, extending the moratorium on commercial evictions and foreclosures through November 3, 2020...more
As borrowers continue to experience financial distress and loans go into default as a result of the ongoing coronavirus pandemic and related issues, lenders are now becoming more focused on the need to take a closer look at...more
As borrowers fall into financial distress as a result of the ongoing coronavirus pandemic, or otherwise, and loans default, some lenders look to foreclose their mortgage and mezzanine loans. While there is little judicial...more