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A recent decision in the Chapter 11 case of Payam, 642 B.R. 365 (Bankr. S.D.N.Y. Aug. 10, 2022) by Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York highlights the significant impact that a 2019 amendment to the New York Real Property and Procedures Law (RPAPL) will have on future disputes in bankruptcy cases where the tenant files for bankruptcy after the issuance of a warrant of eviction but before its execution. With the deletion of just a few words from RPAPL §749(3), the 2019 amendment opens the door for tenant-debtors to assume leases even after a pre-bankruptcy warrant of eviction has been issued, without the need for the tenant to first vacate the warrant of eviction.
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By Howard B. Epstein and Theodore A. Keyes
Many businesses have sought to recover their pandemic losses under commercial property insurance policies, only to be denied coverage. A significant number of policyholders have filed lawsuits challenging these disclaimers, primarily in state courts. But to the dismay of the insureds, a growing majority of high state courts have sided with the insurers in these disputes.
Navigating the Intersections of Commercial Real Estate and Eminent Domain Actions
By Ellen Smith and Elizabeth Story
For real estate attorneys, knowing how to navigate around eminent domain actions in the midst of various transactions and operations is critical to best position clients for the future condemnation conundrum.
A Prepackaged Bankruptcy Could Be the Answer to a Mortgage Default
By Timothy Little, Scott Vetri, Julie Lee and Peter Siddiqui
This article discusses the value of prepackaged bankruptcy as an alternative route for addressing commercial mortgage defaults in high tax jurisdictions.
NJ Supreme Court: Commercial Property Owners Have a Duty to Maintain Abutting Sidewalks
By Colleen Murphy
In a 4-3 decision on June 13, the New Jersey Supreme Court reversed an Appellate Division opinion in a slip-and-fall case, concluding that all commercial landowners have a duty to maintain public sidewalks and are liable to pedestrians who are injured as a result of their negligent failure to do so.
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