Features

Consistent with the Second Circuit's opinion, the District Court in March 2023 found that the Guaranty Law, a pandemic law that was implemented to protect struggling commercial tenants and small businesses, lacked the requisite reasonability to overcome a Contract Clause challenge,

Columns & Departments

Specific Performance Available for Breach of Contract to Convey Air Rights Challenge to Site Plan Approval Dismissed for Failure to Join a Necessary Party NYU's Challenge to Zoning Amendment Dismissed for Lack of Standing Town's Construction of Its Ordinance Was Irrational Condition on Special Permit Renewal Invalidated As Unreasonable

Columns & Departments

Tenant Violated the Lease By Changing Nature of the Restaurant Lease's Guaranty Clause Did Not Bind Tenant's Principal Yellowstone Injunction Denied Because Tenant Failed to Show It Was Willing and Able to Cure Defaults Loft Occupant Remains Protected By Loft Law

Columns & Departments

Buyer Entitled to Return of Deposit Because Estoppel Certificates Were Inadequate City Had Authority to Extinguish Interest of Delinquent Taxpayers After Four Month Redemption Period Expires Survival Clause Includes No Expiration Date Easement Not Invalid for Fraud

Columns & Departments

Co-Op Purchaser Not Entitled to Cancel Contract Appointment of Receiver to Collect Rent Owed to Defaulting Commercial Unit Owner Upheld

Features

New York's Guaranty Law was challenged as unconstitutionally restricting a plaintiff's contractual rights The District Court held the law to be constitutional because it advanced a significant and legitimate public purpose through reasonable and appropriate means.

Features

What is different about this distressed cycle is that most of the lenders are not foreclosing and taking title to the CRE assets, managing, and leasing them for a few months and then selling the properties. They are more likely to sell the note/mortgage rather than foreclose on the property. This presents a unique and interesting opportunity for astute distressed investors, who are experienced in acquiring mortgage notes secured by commercial property and in the arduous foreclosure and bankruptcy process,

Features

Both litigators and transactional lawyers know the basic drill: specific performance is available for breach of a contract whose subject matter is so unique that money damages will not adequately compensate the non-breaching party. But it does not necessarily follow that specific performance is generally available for breach of an agreement that involves real estate. This article discusses why and suggests some ways parties can achieve more certainty in this regard.