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To commercial landlords, the ideal lawyer is one that can predict the future. And in the context of buying and selling New York City real estate, that means lawyers who can craft lease provisions to pre-emptively thwart tenant-holdouts seeking cash buyouts in exchange for surrendering and vacating their premises. The scenario usually plays out like this: landlord markets the building for sale; buyer tenders an offer on the condition that the building be conveyed vacant on the closing date; tenant demands an exorbitant amount of money from landlord in exchange for vacatur; landlord scours the lease for any possible tactical advantage in its negotiation with tenant; landlord finds none and capitulates to tenant’s demand or loses the deal. A win/win for the tenant.
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By Scott R. Lippert and Darcy Baboulis-Gyscek
Only a handful cases have addressed force majeure clauses in commercial real estate agreements in the wake of the pandemic, which has produced conflicting views as to whether performance was excused.
By David Samole
There have been plenty of cases during the pandemic that shape the landlord-commercial tenant dynamic both in Chapter 11 bankruptcies and in workouts.
By Aron Solomon
By moving away from demand for traditional offices and office space, employers will be able to select from a much broader range of talent and a much greater geographical range of places to find and use these employees.
By Erika Morphy
Underwriting clearly has been affected by the pandemic-led downturn. Lenders are using higher vacancies and reserves to underwrite, leading to more conservative loan proceeds.