Real Property Law
August 01, 2023
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
New York City's Guaranty Law Invalidated
August 01, 2023
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.
Distressed Investors Should Take Advantage of the Upcoming Plethora of Defaulted CRE Loans
August 01, 2023
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,
Tips for Achieving More Certainty of Specific Performance Availability
August 01, 2023
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.
Bankruptcy Considerations When There Is a Default On A Redevelopment Project
August 01, 2023
If economic pressures become intense and defaults are a possibility, redevelopers and their lenders will be driven to consider the unique issues presented when there is a default on a redevelopment project, including consideration of a bankruptcy filing to stave-off creditor lawsuits or real estate foreclosure
'Soft Landing' Hopes Are High, But We're Not At the Finish Line Yet
August 01, 2023
The ultimate goal of the Federal Reserve has been to reduce inflation without pushing the economy into a recession, achieving the oft-cited soft landing — a feat that a growing number of economists believe might happen. At least one analyst, however, warns the CRE industry not to get too hopeful.
The Four Archetypes of a Defaulting Tenant and How to Handle Them
August 01, 2023
Every distressed tenant will have a different situation and story to tell. Each will have a different approach to handling its lease obligations. Following is a primer to help the commercial landlord prepare for the default conversation with the tenant by looking at the different potential types of defaulting tenants it may face and advice on how to handle each type.
Should There Be A Title Theft Statute?
July 01, 2023
Recent years have seen numerous reports of what has colloquially been called "property theft" or "deed theft." To fight deed theft in New York, the state Attorney General has championed a statute making "Property Theft" a crime.
