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As the COVID-19 pandemic continues to place enormous stress on the commercial real estate industry — with hotels and shopping centers shuttered or experiencing depressed occupancy, urban apartments losing tenants and the lack of federal stimulus — an increasing number of commercial real estate loans are facing current or impending borrower defaults. The second quarter of 2020 reportedly saw a 65% increase in the overall delinquency rate for commercial real estate loans over the prior quarter, and upwards of $26 billion in commercial real estate loans have been downgraded to a rating of CCC or lower by a credit agency as of the beginning of September.
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By Lucas Ferrara
On Oct. 29, 2020, a Manhattan real-estate firm filed four separate class-action lawsuits highlighting three different maneuvers landlords used to evade the requirements of a tax-abatement program.
By Fredric P. Lavinthal and Eric M. Finkelstein
This article seeks to examine key current issues, and offers practical advice to landlords and tenants seeking common ground to address the ongoing financial toll of the pandemic.
By Frank Burke
This article examines how shutdown actions might be approached and resolved by settlement by applying a series of contract performance doctrines that inevitably arise during these types of situations.
By Erika Morphy
A national-led effort to push back against the virus will hopefully drive down infections enough until a vaccine becomes available. This can only help commercial real estate as it is clear that the economy will not fully recover until the coronavirus is vanquished.