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New York City's Guaranty Law Invalidated Image

New York City's Guaranty Law Invalidated

Deborah E. Riegel

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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Distressed Investors Should Take Advantage of the Upcoming Plethora of Defaulted CRE Loans Image

Distressed Investors Should Take Advantage of the Upcoming Plethora of Defaulted CRE Loans

Joseph J. Ori

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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Tips for Achieving More Certainty of Specific Performance Availability Image

Tips for Achieving More Certainty of Specific Performance Availability

Adrienne B. Koch & Neil S. Miller

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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Trend of Smaller and More Efficient Offices Leads To Downsizing Image

Trend of Smaller and More Efficient Offices Leads To Downsizing

Abigail Adcox

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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New NJ Statute Requires Notices of Flood-Prone Areas In Commercial Real Estate Transactions Image

New NJ Statute Requires Notices of Flood-Prone Areas In Commercial Real Estate Transactions

Gordon C. Duus

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.

Features

'Soft Landing' Hopes Are High, But We're Not At the Finish Line Yet Image

'Soft Landing' Hopes Are High, But We're Not At the Finish Line Yet

Paul Bergeron

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.

Features

The Four Archetypes of a Defaulting Tenant and How to Handle Them Image

The Four Archetypes of a Defaulting Tenant and How to Handle Them

Theodore Yi, Charles Harper & Adam Falkof

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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Should There Be A Title Theft Statute? Image

Should There Be A Title Theft Statute?

Stewart E. Sterk

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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Converting Debt to Equity: An Alternative to Modification or Extension of Loans Image

Converting Debt to Equity: An Alternative to Modification or Extension of Loans

Dennis M. Sughrue & Daniel A. Devine

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

Do We Need A Title Theft Statute? Image

Do We Need A Title Theft Statute?

Stewart E. Sterk

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?

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