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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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The Guaranty Law Continues to Divide Opinion
By Matthew J. Schenker and Joshua Kopelowitz
This article discusses the recent developments surrounding the constitutionality of the Guaranty Law. In particular, we address the Southern District’s view that the statute is unconstitutional and the splintered view of the statute’s constitutionality expressed by New York State courts.
By New York Real Estate Law Reporter Staff
ZBA’s Abandonment of Its Prior Determination Invalid
Denial of Area Variance Upheld
Lease of Town Property Upheld; Property Not Subject to Public Trust
East Side Rezoning Upheld Against SEQRA Challenge
By New York Real Estate Law Reporter Staff
Partial Constructive Eviction Defense Recognized
Condition Precedent to Sub-Sublease Not Satisfied
Guaranty Law Does Not Bar Liquidated Damages Claim
Penalty for Improper Conversion of Residential Building
Force Majeure Clause Reduces Pandemic-Era Rent
By New York Real Estate Law Reporter Staff
Contract Language Does Not Bar Purchaser’s Recovery of Prejudgment Interest
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