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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.
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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,
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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.
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Several big law firms have plans to shrink their Washington, DC, offices soon, continuing the legal industry trend of smaller and more efficient offices in the wake of the pandemic and hybrid work arrangements.
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On July 3, 2023, the New Jersey Legislature enacted a statute requiring sellers and landlords of commercial and residential property to provide notices of flood-prone areas to purchasers and tenants before the transaction becomes binding.
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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.
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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.
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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.
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Historically, lenders have been unwilling to go into business with their borrowers, preferring to observe a rigid separation between debtor and creditor. However, if an office property can be repositioned for another use, there is a path between extending the term of a loan and hoping for the best, and taking the property back and realizing a catastrophic loss.
Features
Recent years have seen numerous reports of what has colloquially been called "property theft" or "deed theft" in New York. The state Attorney General has championed a statute, now introduced in the state legislature, making "Property Theft" a crime. Would the statute be helpful?