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In a case of first impression, the Appellate Division, First Department of New York recently addressed a split in the decisions of the lower courts as to the scope of the New York City Guaranty Law, Administrative Code §22–1005 (Guaranty Law). In Tamar Equities Corp. v. Signature Barbershop 33 Inc., No. 1153, 2024 WL 39739 (App. Div. 1st Dept. Jan. 4, 2024), the Appellate Division analyzed whether the Guaranty Law bars recovery from a guarantor where a commercial tenant’s default initially arose during the Guaranty Law’s Window Period of March 7, 2020 to June 30, 2021 (the Window Period), but persisted after the expiration of the Window Period. Holding that landlords may pursue claims for periods outside the Window Period regardless of the date of initial default, the court unanimously reversed the trial court’s dismissal of the landlord’s action against a guarantor of a barbershop lease. Until this decision, some trial courts held that post-Window Period obligations were recoverable, while others held that the guaranty was rendered a nullity.
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Sui Generis: Collaborate Like You Mean It
By Lydia Pilch
Part Three of a Series
This article offers up some thoughts about how lawyers ought to access and manage resources in order to provide a multi-faceted, full-service approach to addressing their clients’ needs.
Court of Appeals Addresses Pretext By Municipalities As A Bar to Land Use Approvals?
By Steven M. Silverberg
Recently, there have been several instances in which municipalities have been challenged by property owners claiming that the municipal boards have utilized delaying tactics and other actions as a pretext to prevent development of their properties.
Court Caps Landlord's Bankruptcy Claim Against Lease Guarantor
By Andrew C. Kassner and Joseph N. Argentina Jr.
Given that landlord damage claims could overwhelm other creditor claims in a tenant’s bankruptcy case, the Bankruptcy Code includes a provision that limits a landlord’s claim, which presents challenges for landlords as creditors in bankruptcy cases.
Due Diligence Commercial Leasing Best Practices In New Jersey
By Zachary Rosenberg
Due diligence for CRE loans involves a comprehensive review and analysis of the various conditions and risks associated with the property being mortgaged, with the goal of mitigating such risks to the greatest possible extent before closing the loan.