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A wave of legislation designed to aid tenants during the COVID-19 pandemic has had an outsized effect on commercial landlord-tenant relations in New York City. The bill that has attracted perhaps the most attention is NYC Administrative Code § 22-1005, known as the “Guaranty Law.” The Guaranty Law canceled the guaranty obligations of qualifying guarantors and left landlords without a remedy to recoup their losses. Notably, the Guaranty Law has been interpreted inconsistently and is the subject of a constitutional challenge in federal court. This has added to the uncertainty of both landlords and tenants, whose obligations and responsibilities remain unclear.
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‘Best Efforts’ Clauses In Commercial Leases
By Gary M. Rosenberg, Alexander Lycoyannis and Michael A. Pensabene
Undefined terms of art such as “best efforts” are often utilized in commercial leases, but the interpretation of those terms and the enforceability of the clause, when left to the courts, will turn on how the lease is drafted.
The Impact of New York’s Greenhouse Gas Law
By Matthew Schneid
New York City's Local Law Number 97 was enacted to amend the New York City Charter and Administrative Code to achieve reductions in greenhouse gas emissions by 2050. This is accomplished by requiring buildings to retrofit their systems with more energy efficient systems or purchase certain permitted carbon offsets.
How to Strike a Deal In a Stagnant Net Lease Market
By Chad Kurz
Transactions have slowed in just about every category for commercial real estate and net lease is no exception. The reasons are myriad for that but let’s boil them down.
Can ChatGPT Take the Place of Real Estate Lawyers?
By Tony Alfonso
While we marvel at the myriad applications of ChatGPT, it’s important to note that this newly introduced tool has nuances which can create problems if misunderstood — especially when attempting to produce legal documents or legal advice in real estate transactions.