On September 2, 2021, New York Governor Kathy Hochul signed into law a new moratorium on evictions and foreclosures for residential tenants and small businesses. Recently, in the case Chrysafis v. Marks, the U.S. Supreme...more
9/30/2021
/ Coronavirus/COVID-19 ,
Due Process ,
Eviction ,
Financial Distress ,
Foreclosure ,
Infectious Diseases ,
Landlords ,
Moratorium ,
New Legislation ,
New York ,
Relief Measures ,
Rent ,
Rental Property ,
Small Business ,
Statutory Authority ,
Tenants
On September 2, 2021, New York Governor Kathy Hochul signed into law a new moratorium on evictions and foreclosures for residential tenants and small businesses. Recently, in the case Chrysafis v. Marks, the U.S. Supreme...more
9/7/2021
/ Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Foreclosure ,
Infectious Diseases ,
Landlords ,
Moratorium ,
New Legislation ,
New York ,
Relief Measures ,
Rent ,
Rental Property ,
Small Business ,
Tenants
On June 29, 2021, in The Gap, Inc. v. 170 Broadway Retail Owner, LLC, the New York Appellate Division, First Department, overturned an earlier decision by the New York Supreme Court and issued a decisive victory to commercial...more
9/2/2021
/ Business Interruption ,
Commercial Leases ,
Commercial Property Owners ,
Commercial Tenants ,
Contract Terms ,
Coronavirus/COVID-19 ,
Frustration of a Common Purpose ,
Infectious Diseases ,
Landlords ,
Rent ,
Rental Property ,
Retailers
On August 26, 2021, the U.S. Supreme Court issued an order vacating the Centers for Disease Control and Prevention’s latest eviction moratorium. Earlier this month the CDC issued an order banning evictions of residential...more
8/30/2021
/ Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Eviction ,
Infectious Diseases ,
Landlords ,
Moratorium ,
Motion to Vacate ,
Relief Measures ,
Rent ,
Rental Property ,
SCOTUS ,
Statutory Authority ,
Tenants
On August 3, 2021, the Centers for Disease Control and Prevention issued a new order banning residential evictions in counties where COVID-19 cases are quickly rising. The CDC’s prior order instituting an eviction moratorium...more
8/19/2021
/ Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Debt Collection ,
Eviction ,
Financial Distress ,
Infectious Diseases ,
Landlords ,
Moratorium ,
Popular ,
Relief Measures ,
Rent ,
Rental Property ,
Tenants
On June 29, 2021, the Supreme Court denied an application by a group of real estate agents and associations to lift the eviction moratorium issued by the Centers for Disease Control and Prevention (the “CDC”). Originally...more
8/3/2021
/ Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Eviction ,
Infectious Diseases ,
Landlords ,
Moratorium ,
Motion to Vacate ,
Relief Measures ,
Rent ,
Rental Property ,
SCOTUS ,
Statutory Authority ,
Stays ,
Tenants
On June 29, 2021, the Supreme Court denied an application by a group of real estate agents and associations to lift the eviction moratorium issued by the Centers for Disease Control and Prevention (the “CDC”). ...more
7/2/2021
/ Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Denial of Certiorari ,
Eviction ,
Infectious Diseases ,
Landlords ,
Moratorium ,
Relief Measures ,
Rental Property ,
SCOTUS ,
Tenants
This is the news we’ve been waiting for but have been a bit reticent to say out loud: the rebound of real estate finance is upon us.
The markets were very active at year-end, and that activity level has continued unabated...more
The United States District Court for the Southern District of New York (the “Court”) decided in Gap Inc. v. Ponte Gadea N.Y. LLC on March 8, 2021 that a retail tenant will not be able to use the COVID-19 pandemic as an excuse...more
6/3/2021
/ Breach of Contract ,
Commercial Leases ,
Commercial Tenants ,
Contract Terms ,
Coronavirus/COVID-19 ,
Counterclaims ,
Force Majeure Clause ,
Frustration of a Common Purpose ,
Gap Inc ,
Infectious Diseases ,
Lease Termination ,
Non-Essential Businesses ,
Rental Property ,
Retailers ,
Summary Judgment ,
Unjust Enrichment
On May 5, 2021, New York Governor Andrew Cuomo signed a bill that extends the moratorium on evictions and foreclosures for residential tenants and small businesses to August 31, 2021. The previous moratorium expired May 1,...more
6/2/2021
/ Commercial Tenants ,
Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Foreclosure ,
Infectious Diseases ,
Moratorium ,
Mortgages ,
Relief Measures ,
Rental Property ,
Small Business ,
State and Local Government
On May 5, 2021, the United States District Court for the District of Columbia (“DC Court”) vacated a nationwide eviction moratorium order issued by the Centers for Disease Control (“CDC”) to help mitigate the spread of...more
5/12/2021
/ Centers for Disease Control and Prevention (CDC) ,
Chevron Deference ,
Commerce Clause ,
Constitutional Challenges ,
Coronavirus/COVID-19 ,
Enforcement Authority ,
Eviction ,
Infectious Diseases ,
Interstate Commerce ,
Landlords ,
Moratorium ,
Relief Measures ,
Rental Property ,
Statutory Interpretation ,
Stays ,
Tenants
On May 5, 2021, New York Governor Andrew Cuomo signed a bill that extends the moratorium on evictions and foreclosures for residential tenants and small businesses to August 31, 2021. The previous moratorium expired May 1,...more
5/6/2021
/ Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Foreclosure ,
Governor Cuomo ,
Infectious Diseases ,
Landlords ,
Moratorium ,
New Legislation ,
Relief Measures ,
Rent ,
Rental Property ,
State and Local Government ,
Tenants
Can contracting parties waive all common law fiduciary duties? That was one of the questions presented to the New York Supreme Court, Appellate Division, First Department (the “Court”) in 111 West 57th Investment LLC, on...more
4/30/2021
/ Breach of Duty ,
Construction Project ,
Covenant of Good Faith and Fair Dealing ,
Delaware General Corporation Law ,
Fiduciary Duty ,
Foreclosure ,
Joint Venture ,
Loans ,
Mezzanine Lenders ,
Mortgages ,
NY Supreme Court ,
Real Estate Development ,
Uniform Commercial Code (UCC) ,
Waivers
Lenders often require their borrowers to be “special purpose entities” in real estate transactions. This is a way that lenders can mitigate their bankruptcy risk in the event that the borrower or any of its parent entities...more
On February 25, 2021, the United States District Court in the Eastern District of Texas (“Texas Court”) granted summary judgment in favor of the plaintiffs in Lauren Terkel et al. v. Centers for Disease Control and Prevention...more
4/1/2021
/ Centers for Disease Control and Prevention (CDC) ,
Constitutional Challenges ,
Coronavirus/COVID-19 ,
Eviction ,
Failure To Pay ,
Financial Distress ,
Infectious Diseases ,
Landlords ,
Moratorium ,
Public Health ,
Relief Measures ,
Rental Property ,
Risk Mitigation ,
Scope of Authority ,
Tenants
In December, New York Governor Andrew Cuomo signed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020, which provided a moratorium on residential eviction and foreclosure proceedings until May 1, 2021....more
On February 25, 2021, the United States District Court in the Eastern District of Texas (“Texas Court”) granted summary judgment in favor of the plaintiffs in Lauren Terkel et al. v. Centers for Disease Control and Prevention...more
Assembly Bill A3139 was introduced by Assembly Member Harvey Epstein on January 22, 2021. The bill is currently in committee but, if enacted, it will amend New York’s Real Property Law and Tax Law to require the recording of...more
3/5/2021
/ Equity Investors ,
Legislative Agendas ,
Mezzanine Lenders ,
Mortgages ,
Proposed Legislation ,
Real Estate Investments ,
Recording Statutes ,
State and Local Government ,
Tax Liability ,
Tax Planning ,
Tax Reform
On February 16, 2021, the United States District Court in the Southern District of New York (the “Court”) issued a decision In Re Citibank August 11, 2020 Wire Transfers1 that upheld the “discharge for value” doctrine and...more
The fluidity of New York’s legal landscape continues to accelerate in the wake of the pandemic. Proposed legislation in New York may disrupt long-established law that commercial landlords do not have a duty to mitigate their...more
Assembly Bill A3139 was introduced by Assembly Member Harvey Epstein on January 22, 2021. The bill is currently in committee but, if enacted, it will amend New York’s Real Property Law and Tax Law to require the recording of...more
In December 2020, as part of the larger National Defense Authorization Act, the Corporate Transparency Act (the “Act”) was enacted. The Act requires that anonymous shell companies, most notably limited liability companies and...more
In a recent concurring opinion, Judge Rowan D. Wilson sifts through and attempts to clear up some confusion in New York case law surrounding the doctrine of standing in foreclosure actions. ...more
In December 2020, as part of the larger National Defense Authorization Act, the Corporate Transparency Act (the “Act”) was enacted. The Act requires that anonymous shell companies, most notably limited liability companies and...more
On January 1, 2021, Congress enacted the Anti-Money Laundering Act of 2020 (the “Act”). As part of the National Defense Authorization Act for Fiscal Year 2021, the Act creates a broad range of new anti-money laundering...more