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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.
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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.