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It’s impossible not to notice the vacancies when walking into a shopping mall in the United States. The New York Times recently reported that 15% of malls are 10%-40% vacant — up from 5% with that range of vacancy a decade ago. However, in comparison, in 2006, 94% of malls had a vacancy rate of 10%. In addition, 3.4% (or approximately 30 million square feet) are more than 40% empty. Taking all of this into account, Green Street Advisors, a firm that tracks the performance of the mall industry, recently said that the increased number of mall vacancies signals the onset of the “death spiral” of malls in the United States.
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Sui Generis: Draft Like You Mean It
By Lydia Pilch
The automatic acceptance of various boilerplate clauses in commercial leases in the face of jurisprudential modernity and evolving legal approaches is dangerous. The evolutionary exploits of a commercial lease aren’t done yet, nor should they be.
NYC Guarantor Liability for Post-Window-Period Rent
By Cheryl Ginsburg
In Tamar Equities Corp. v. Signature Barbershop 33 Inc., the Appellate Division analyzed whether the Guaranty Law bars recovery from a guarantor where a commercial tenant’s default initially arose during the Guaranty Law’s window period, but persisted after its expiration.
Exploring Debt Restructuring Options for CRE Owners
By Michael Criscito
In the dynamic landscape of real estate, commercial real estate owners often find themselves facing financial challenges that necessitate a strategic approach to debt management. In such cases, exploring debt restructuring options becomes a crucial consideration.
‘Yellowstone’ Injunctions: Navigating the Wild West of Commercial Lease Disputes
By Janet Kljyan and Charles F. Martin III
The Yellowstone injunction is implicated in nearly every lease for commercial real property in the state of New York, yet most landlords and tenants do not know what it is or how it affects them. Below is a succinct overview of its implications so that commercial landlords and tenants can better navigate lease disputes.