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Part Five of a Five-Part Series.
As Mark Twain quipped, "The reports of my death are greatly exaggerated." So too is the reported retail "apocalypse" and "death" of the shopping center. In fact, U.S. retailers opened 1,326 more locations in 2017 than they closed. When restaurants are added to the mix, there were a total of 4,080 new openings in 2017 and another 5,050 openings planned this year.
The retail industry has faced significant challenges this past year. In 2017, more than 5,000 retail stores closed their doors, many of them portfolio-wide closures by well-known department-store chains that were synonymous with the traditional shopping mall. Toys R Us recently joined a growing list of more than 35 retailers that filed for bankruptcy in 2017, according to S&P Global Market Intelligence. Even more unsettling, Bankruptcydata.com reports that the Toys R Us bankruptcy is the third largest retail bankruptcy of all time.
By James O’Brien
Part One of a Two-Part Article
This article outlines the basic elements of an SNDA and will explain the differences between the concepts of “non-disturbance” and “recognition,” while contending that lease recognition is more important to the tenant than not having its possession disturbed.
By Joseph I. Farca
Collecting the Legal Fees It Cost You to Collect Legal Fees
Does your New York commercial lease form expressly provide that the landlord may recover the legal fees it incurs to recover legal fees from its tenant? If not, then the landlord may be out of luck trying to recover such “fees on fees,” as they are known. But it wasn’t always this way.
By Daniel J. Ansell
NY Gov. Andrew Cuomo signed legislation modifying existing rent laws and enacting significant landlord-tenant reforms. To date, the real estate industry has focused primarily on the sweeping impact the new laws will have on residential tenancies and the deregulation of rent-stabilized apartments. The reforms, however, also dramatically impact commercial tenancies by altering non-residential summary proceedings and significantly hampering the ability of commercial landlords to respond effectively and quickly to tenant defaults.
Despite State Law, Merger Extinguishes Renewal Rights of Successor in Interest
Court May Rely on Parole Evidence to Show Illegal Purpose of Sublease