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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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Second Circuit Likely to Deliver Big Win for Commercial Shopping Center Lessor
By Michael L. Cook
The U.S. Court of Appeals for the Second Circuit, on remand from the Supreme Court, further remanded to the district court the key issue of whether the Chapter 11 debtor gave “adequate assurance of future performance of” a commercial real property shopping center lease “as required by the Bankruptcy Code after the debtor’s assignment of its lease.
Adaptive Reuse of Vacant Office Buildings
By David Freylikhman and Sarah E. Michigan
While transforming existing buildings for alternative purposes is not a new concept, this article seeks to explore the feasibility of alternative repurposing options with a focus on pre-existing office buildings; namely, converting vacant office space into vertical farms or cannabis growth operations.
Is A Real Estate Instrument Filing Fee An Unauthorized Tax?
By Cameron Macdonald
Local governments have significant leeway to charge fees for services they provide their residents. But fee revenue sources can be attractive options for those local governments needing to fill budget gaps without raising taxes.
Climate Issues Becoming More Critical for Commercial Real Estate Development
By Richard Berger
Considerations for severe weather and climate, in general, have real estate developers putting more focus on how they build and operate. But add to that rising insurance rates, which have dealt a big blow to budgets as premiums continue to climb.
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