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
The first compliance period under New York City’s Local Law 97 (LL97) begins on January 1, 2024, and a January 2023 REBNY-commissioned study concluded that over 3,700 properties could be out of compliance and face over $200...more
Recently, the New York City Department of Finance published a Notice of Adoption of a new rule broadening the scope of the Commercial Property Assessed Clean Energy (C-PACE) finance program. The amended rule, which goes into...more
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
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
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