Features
Second Department Rules That Cooperative Apartment Owners' Rights Are Precarious
On June 14, 2023, the Second Department decided Walsh v Ocwen Loan Servicing. The court, with little fanfare, appeared to rule that cooperative apartment owners are saddled with an unavoidable risk of loss. That is, if a lender alleges that the owners have defaulted, and then conducts a nonjudicial foreclosure sale, the former owners are left with few remedies.
Columns & Departments
Co-ops and Condominiums
Co-Op Purchaser Not Entitled to Cancel Contract Stipulation of Settlement Did Not Foreclose Warranty of Habitability Claim Questions of Fact About Mitchell-Lama Succession Rights
Columns & Departments
Eminent Domain Law
Taking Was for a Public Purpose and Failure to Comply With Public Hearing Requirement Did Not Invalidate Taking
Columns & Departments
Development
Fact Questions About Expansion of Nonconforming Use Subdivision Improperly Classified As Type II Action Under SEQRA ZBA Entitled to Approve Permit for Building Larger Than One Depicted In Approved Site Plan
Columns & Departments
Landlord & Tenant Law
Tenant's Early Termination Entitled Landlord to Rent Questions of Fact About Landlord's Intention to Convey Leasehold to Individual
Columns & Departments
Real Property Law
Quiet Title Action Subject to Statute of Limitations Foreclosure Sale Purchasers Not Subject to Claim By Former Owners Specific Performance Denied Because Buyer Did Not Establish That It Was Ready to Close
Features
It's a Tenant's Market: How to Negotiate and Navigate the Leasing Process
A hybrid workforce has meant that office and retail space is in plentiful supply. These high vacancy rates have caused landlord defaults to be on the rise, making it a tenant-friendly environment for leasing space and obtaining tenant-favorable lease terms. Here is a step-by-step tutorial on how to negotiate the best lease terms and navigate the leasing process while saving money on rent, tenant buildout and operating expenses.
Features
Notice of Pendency In Commercial Real Estate Transactions
Parties to real estate transactions may be tempted to conclude that a notice of pendency will be available in most instances to protect their rights if things go awry. But while the CPLR's description of actions in which a notice of pendency is permitted sounds both clear-cut and extremely broad, in practice it is neither of those things.
Features
Holding Water: Water Terms Used Within the Commercial Property Policy
Water issues are often confusing and involve multiple undefined terms such as plumbing, sewer, drain, overflow, or discharge. This article reviews how the terms are applied in the commercial property policy.
Features
Issues and Ramifications of Leasing to Cannabis Providers
The legalization of cannabis in New Jersey has created tremendous economic opportunities for commercial and industrial property owners. Aside from the potential financial benefits, property owners should approach this newer market in a cautious manner before embarking on leasing to cannabis retailers and/or growers given the multitude of issues and concerns surrounding the cannabis industry.
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