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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 Bella Schiro and Misun Yoon
Many in the legal economy may be asking themselves whether they need office space at all now that everyone has been forcibly migrated to cyberspace. But having experienced work from home for several months, there is a newfound appreciation for the office workplace. But what will the office look like when we return to it?
By Jonathan Koevary and Robert Gagne
To say the least, for those companies that filed for bankruptcy on the eve of the COVID-19 shutdowns, the strategies — and available cash flows to pay landlords — did not go as planned.
By Jeffrey B. Steiner and Scott A. Weinberg
This article reviews a recent case, D2 Mark LLC v. OREI VI Investments LLC, to understand how the court’s decision may provide mezzanine lenders with guidance in structuring a UCC foreclosure sale auction in the COVID-19 landscape so as to strengthen their position against any claims by the mezzanine borrower that the sale is not commercially reasonable.
By Lidia Dinkova
Single-asset real estate bankruptcies (SAREs) are streamlined reorganizations for debt taken out by borrowers on just one property, giving them a three-month window to propose a restructuring plan.