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Tips for Reducing Lender Liability Risk When Dealing with Distressed Commercial Real Estate Loans (Part 2)

A number of factors have combined to cause an almost “perfect storm” for commercial real estate distress. The COVID-19 pandemic led to a rise in remote and hybrid work, increasing vacancy rates and decreasing property values....more

Tips for Reducing Lender Liability Risk When Dealing with Distressed Commercial Real Estate Loans (Part 1)

A number of factors have combined to cause an almost “perfect storm” for commercial real estate distress. The COVID-19 pandemic led to a rise in remote and hybrid work, increasing vacancy rates and decreasing property values....more

Co-op Ground Lease

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

Deed in Escrow

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

Scrivener’s Error in Guaranty Reformed Outside of Statute of Limitations and Held Enforceable

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

UCC Foreclosure Commercially Reasonable

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

FinCEN Proposes Expanding Residential Real Estate Anti-Money Laundering Rules

On February 16, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking, which would require certain real estate professionals to report certain transaction information to FinCEN in...more

Who Owns and Controls Your Real Estate Entity? FinCEN Wants to Know, and its Final Rule is now in Effect

This client alert is an update to an earlier MoFo client alert issued on December 8, 2022. In a final rule implementing the Corporate Transparency Act (the “Final Rule”), the Financial Crimes Enforcement Network (“FinCEN”)...more

Hotel Mortgage Holder Barred from Converting Mortgage Loan In Part to Mezzanine Loan

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

Proposed Changes to Risk-Based Capital Framework for Banks: Potential Effect on Risk-Weighting of Commercial Real Estate (CRE)...

Background. As part of an international effort to recalibrate how banks calculate their risk‑based capital, U.S. bank regulatory agencies (the “Agencies”) recently proposed major changes to how banks would be required to...more

Recent SDNY Bankruptcy Court Opinion Lowers Cap on Commercial Real Estate Lease Rejection Damages

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

NYC’s Local Law 97 Update: PACE Yourself

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

Recent Second Circuit Decision Holds that Conducting a Foreclosure Sale upon a Property After a Tenant Files for Bankruptcy...

In New York, it is a standard practice to name all tenants residing in a building when foreclosing upon the property. That is because section 1311 of the New York Real Property Actions and Proceedings Law (“RPAPL”) states...more

New York Authorizes Remote Online Notarizations

On December 22, 2021, New York Governor Kathy Hochul signed into law Senate Bill 1780C, which allows notaries to perform remote online notarization (RON). Effective as of June 20, 2022, this new law means that New York has...more

NYC Expands Scope of Commercial Property Assessed Clean Energy (C-PACE) Program

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

NYS Legislature Extends Residential And Commercial Eviction And Foreclosure Moratoriums

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

Supreme Court Rules To End Eviction Moratorium

On August 26, 2021, the Supreme Court issued a per curiam opinion blocking the U.S. Centers for Disease Control and Prevention’s (CDC) August 3, 2021 order (“New Order”), a last-ditch effort by the Biden administration to...more

Supreme Court Strikes Key Provision Of New York’s Anti-Eviction Law

On August 12, 2021, the United States Supreme Court agreed on procedural due process grounds to halt enforcement of part of New York’s COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”), which is...more

CDC, Biden Announce 60-Day Eviction Moratorium In High-Risk Areas

On Tuesday, August 3, the U.S. Centers for Disease Control and Prevention (CDC) issued a new order (the “Order”) that prohibits evictions in parts of the country experiencing “substantial transmission” of the COVID-19 virus....more

Governor Cuomo Ends NY State Of Emergency; Supreme Court Upholds CDC’s Eviction Moratorium

On June 23, 2021, New York Governor Andrew Cuomo announced an end to the state disaster emergency he first declared on March 7, 2020 to contain the spread of COVID-19. Citing significantly reduced rates of infection and...more

Update: Federal Judge Dismisses Landlords’ Challenge To NY Eviction Law

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

Update: Federal Judge In D.C. Sets Aside The CDC Nationwide Eviction Moratorium

On May 5, 2021, Federal District Judge Dabney Friedrich vacated the Center for Disease Control and Prevention (CDC) nationwide moratorium on residential evictions (the “Order”), which the CDC had recently extended beyond its...more

New York Extends Moratorium On Residential And Small Business Evictions And Foreclosures

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

Courts: A Foreclosure Pandemic Pause? (Part 3)

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

New York State Passes Legislation To Extend Eviction And Foreclosure Relief For Small Business Commercial Properties

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

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