Many commercial real estate land parcels in New York are held through a long-term ground lease structure. This includes approximately 100 co-op buildings in New York City that are located on property that is ground leased....more
In a departure from prior precedent in the United States Bankruptcy Court for the Southern District of New York (SDNY), a recent opinion by Judge Michael E. Wiles in In re Cortlandt Liquidating LLC, effectively lowered the...more
During a special session held on September 1, 2021, the New York State legislature passed a new law that extends the state’s moratorium on residential and commercial evictions and foreclosures until January 15, 2022. The...more
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
Through the continued uncertainty as to how COVID-19 might affect commercial real estate leases and the rights and obligations of landlords and tenants thereunder, the New York courts are attempting to carve out standards for...more
New York State has extended the moratorium on commercial evictions and foreclosures through January 31, 2021. Governor Andrew Cuomo’s Executive Order 202.81 extends the previous deadline of January 1, 2021...more
On November 25, 2020, the Southern District of New York upheld Section 22-1005 of the New York City Administrative Code, which renders personal guaranties contained in leases unenforceable for commercial tenants impacted by...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
On September 18, 2020, New York Governor Andrew Cuomo signed Executive Order 202.64, extending the moratorium on evictions and foreclosure actions against commercial tenants and owners facing financial hardship due to...more
The COVID-19 pandemic has triggered unprecedented levels of business disruption and forced numerous companies into bankruptcy in an effort to preserve dwindling liquidity and postpone creditor demands. Retailers, whose...more
On June 30, 2020, New York Governor Andrew Cuomo signed into law the New York Tenant Safe Harbor Act (the “Act”). The Act (S.8192B (Hoylman)/A.10290B (Dinowitz)), sponsored by New York State Senators Brad Hoylman and Liz...more
On May 26, 2020, New York City enacted a law that renders personal guaranties unenforceable for commercial tenants impacted by COVID-19. Section 22-1005 of the Administrative Code of the City of New York states that a...more