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In Maddox v. Bank of N.Y. Mellon Trust Co., N.A., 997 F.3d 436, the Second Circuit recently held that individuals have Article III standing to seek statutory damages for a bank’s violation of Real Property Law (RPL) §275 and New Real Property Actions and Proceedings Law (RPAPL) §1921 (together, New York’s Mortgage-Satisfaction-Recording Statutes). The Second Circuit held that, despite no “actual injury,” violations of New York statutory law constitute a concrete and particularized harm giving rise to Article III standing. This is important because under New York rules, a plaintiff could not bring a class action in state court under New York’s Mortgage-Satisfaction-Recording Statutes. Because the Second Circuit held that a bare violation of New York’s Mortgage-Satisfaction-Recording Statutes without a demonstration of actual injury conferred federal jurisdiction, a mortgagor now has the ability to bring a class action in federal court. Thus, statutes designed to be merely remedial in nature can now be used punitively against lenders and servicers.
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It’s a Tenant’s Market: How to Negotiate and Navigate the Leasing Process
By Sandra D. Buchko
A hybrid workforce has meant that office and retail space is in plentiful supply. These high vacancy rates have caused landlord defaults to be on the rise, making it a tenant-friendly environment for leasing space and obtaining tenant-favorable lease terms. Here is a step-by-step tutorial on how to negotiate the best lease terms and navigate the leasing process while saving money on rent, tenant buildout and operating expenses.
Notice of Pendency In Commercial Real Estate Transactions
By Adrienne B. Koch
Parties to real estate transactions may be tempted to conclude that a notice of pendency will be available in most instances to protect their rights if things go awry. But while the CPLR’s description of actions in which a notice of pendency is permitted sounds both clear-cut and extremely broad, in practice it is neither of those things.
Holding Water: Water Terms Used Within the Commercial Property Policy
By Christine G. Barlow
Water issues are often confusing and involve multiple undefined terms such as plumbing, sewer, drain, overflow, or discharge. This article reviews how the terms are applied in the commercial property policy.
Issues and Ramifications of Leasing to Cannabis Providers
By Brian Peykar
The legalization of cannabis in New Jersey has created tremendous economic opportunities for commercial and industrial property owners. Aside from the potential financial benefits, property owners should approach this newer market in a cautious manner before embarking on leasing to cannabis retailers and/or growers given the multitude of issues and concerns surrounding the cannabis industry.
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