New Definition of 'Waters of the United States'
April 01, 2023
In April of 2020 the EPA and the Department of the Army began the process of revising the definition of the term Waters of the United States (WOTUS). After the new administration took office in 2021, further study was conducted and a new final rule was recently published. The changes are scheduled to take effect this year, if currently pending challenges are unsuccessful.
Negotiating Surrender Clauses In Commercial Leases
April 01, 2023
Notwithstanding the importance of a lease to the balance sheets of both landlords and tenants, surrender provisions are commonly glossed over and consequences can be detrimental to either side.
Liquidated Damages In Real Estate Transactions
April 01, 2023
Commercial real estate is a unique asset, making damages resulting from a breach of an agreement involving it are often difficult to measure. As a result, parties to such agreements must give careful thought to the remedies for such breach, including liquidated damages.
Why CRE Experts Believe It's a Good Time to Buy Office
April 01, 2023
The full pain of the post-pandemic office market hasn't been felt, since many tenants still have time left on their leases. As these leases expire, many tenants will either reduce their size or simply not renew their leases. This phenomenon means a long-term (if not permanent) reduction in the demand for office space.
Ten of the Worst Words to Hear In a CRE Deal
April 01, 2023
There are many positive words and terms of wisdom in the CRE industry: That was a great deal, great management equals great value, etc. Conversely, there are also some very scary words and phrases in the CRE industry. Below are 10 of the worst.
'Best Efforts' Clauses In Commercial Leases
March 01, 2023
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
March 01, 2023
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.
Can ChatGPT Take the Place of Real Estate Lawyers?
March 01, 2023
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.
