A decision yesterday by the New York Supreme Court has paved the way for mezzanine lenders to proceed with UCC foreclosure sales in New York City during the pandemic. Yesterday afternoon, Justice Frank Nervo issued an order...more
5/19/2020
/ Borrowers ,
Commercial Property Owners ,
Coronavirus/COVID-19 ,
Executive Orders ,
Exemptions ,
Foreclosure ,
Foreclosure Sales ,
Governor Cuomo ,
Lenders ,
Mezzanine Lenders ,
Moratorium ,
Non-Judicial Foreclosures ,
Preliminary Injunctions ,
Uniform Commercial Code (UCC) ,
Vacated
As a follow up to our OnPoint from last week, Mezzanine Foreclosures in the Time of Coronavirus, regarding a New York County Supreme Court’s halting of a mezzanine UCC foreclosure sale, here is our promised update. ...more
5/14/2020
/ Borrowers ,
Default ,
Equity Transactions ,
Executive Orders ,
Foreclosure ,
Governor Cuomo ,
Lenders ,
Mezzanine Lenders ,
Moratorium ,
Sale of Assets ,
Uniform Commercial Code (UCC)
A recent New York County Supreme Court decision has temporarily halted a mezzanine UCC foreclosure sale by granting the borrower’s request for a stay based on allegations that the terms of the mezzanine foreclosure were not...more
5/10/2020
/ Appeals ,
Commercial Property Owners ,
Coronavirus/COVID-19 ,
Court Schedules ,
Executive Orders ,
Foreclosure ,
Foreclosure Sales ,
Governor Cuomo ,
Mezzanine Lenders ,
Moratorium ,
Motion To Stay ,
Non-Judicial Foreclosures ,
Preliminary Hearings ,
TRO
The spread of COVID-19 has created a new reality for the hospitality industry. As of March 25, the CDC reported 54,453 confirmed cases in the U.S., and the number is expected to grow exponentially. In the hopes of slashing...more
Last week IMN hosted an inaugural New Hotel and Development Conference in New York City. The gathering of developers, hotel operators, brands and other hospitality service providers was very upbeat. Many panelists indicated...more
It seems fitting that Marriott’s upcoming acquisition of Starwood Hotels & Resorts (creating one of the largest hotel companies in the world) is anticipated to occur during the prime summer vacation season. The combined...more