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Features
For the past several months there has been a steady drumbeat in the press about the overheated real estate market. Is it a case of modern-day tulip mania or merely a reflection of the laws of supply and demand? Will prices continue to surge or is there a crash looming? Although macro economic factors doubtless are at play, nevertheless there has been little discussion of what action, if any, individual co-op and condo boards, buyers and owners can or should take, as a matter of law or policy, to protect their respective interests and preserve the stability of their buildings in this environment.
Features
Recent rulings of importance to you and your practice.
Features
Highlights of the latest commercial leasing cases from around the country.
Features
How does a public place of business create a secure workplace without feeling like a prison in lockdown? There are several approaches to security. The first thing to consider is the area you want to protect. For example, installing safety film on windows helps to protect against injuries in the event that the glass shatters. In addition to the obvious threat of doors/entrances, the mailroom is an important point of access (remember the anthrax?). If you think your business may be a target, you could consider scanning the mail and having a separate air handler in the mailroom to contain any incident.
Features
The changes in the coming bankruptcy law (effective Oct. 17, 2005) are certain to be welcomed by commercial landlords who are given new advantages when tenants file for bankruptcy. Landlords will have new ammunition to control the disposition of premises and to ensure prompt performance of lease obligations. The new law already has landlords and tenants rethinking their strategies, both in the leasing stage and post-bankruptcy. Because the law is subject to significant uncertainty in its interpretation and function, however, only time will tell how the changes play out.
Features
The term "ground lease" may be used in connection with shopping center development in two ways. In some deals, the developer of the shopping center leases the shopping center land from its owner and develops the shopping center on the leased land, building store buildings and leasing space to the actual users (a "development ground lease"). In other cases, the shopping center developer owns the shopping center land and leases an unimproved portion of the shopping center (usually a "pad" or out-parcel) to a tenant who will build its own building on the leased land and operate a business there, such as a fast food restaurant, drug store or bank (a "retail ground lease").
For a relatively small fee and assuming sufficient collateral or creditworthiness of the tenant or a guarantor, a tenant may be able to apply for and have its bank issue to its landlord a letter of credit ("L/C") to secure the tenant's obligations under a long-term lease. If the L/C is large enough, the landlord may enter into a lease with a tenant that the landlord would otherwise refuse due to the tenant's lack of creditworthiness. From the tenant's perspective, an L/C may be preferable to a large security deposit. An L/C will not necessarily tie up large amounts of the tenant's cash or other liquid collateral, as would a security deposit. Instead, the cash can be deployed as working capital in the tenant's business.
Features
Stating that trial would be pointless and cause dissention without any concommitant contribution to the public good, the Ulster County District Attorney, Donald A. Williams, dropped the charges pending against New Paltz Mayor Jason West for illegally marrying same-sex couples. West had faced 24 misdemeanor counts for joining in marriage two-dozen same-sex couples in February 2004. In his letter to the judge dropping all charges, Williams said, "Any additional action would serve only to advance a personal agenda in highly volatile manner." Thus, the legal roller coaster West had been riding on for more than a year came to an abrupt halt in mid-July with little more than a whimper.
