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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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Scrutiny of Eminent Domain Power
By Stewart E. Sterk
How closely will courts scrutinize exercises of the eminent domain power? Until recently, courts have been quite deferential when entities clothed with eminent domain power have determined that private property is necessary for public use. Two recent decisions, however, suggest that there are limits to that deference.
What’s Working to Get Employees to Return To the Office
By Anthony Davies
We are seeing a variety of successful measures that are designed to help attorneys get what they want: a best-of-both worlds scenario where they keep some work-from-home and fold-in an opportunity to intentionally connect and collaborate with colleagues in the office.
New Bankruptcy Code May Provide Way Out of Commercial Leases
By Eric Snyder
In major metropolitan areas, commercial office vacancies have skyrocketed and rents have plummeted. Tenants, required to examine their space needs post-pandemic, are eager to take advantage of the lower rents. A recent addition to the Bankruptcy Code provides these lessees with an opportunity to walk away from above-market leases.
Commercial Real Estate’s New Darling: Retail
By Paul Bergeron
Retail appears to be replacing multifamily when it comes to commercial real estate darlings. Shopping center vacancy in Q4 2022 reached its lowest level dating back to 2007 — and asking rents for shopping centers rose broadly.
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