Notice of Pendency In Commercial Real Estate Transactions
September 01, 2023
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.
Issues and Ramifications of Leasing to Cannabis Providers
September 01, 2023
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.
Guaranty Law Invalidated
August 01, 2023
Consistent with the Second Circuit's opinion, the District Court in March 2023 found that the Guaranty Law, a pandemic law that was implemented to protect struggling commercial tenants and small businesses, lacked the requisite reasonability to overcome a Contract Clause challenge,
Landlord & Tenant Law
August 01, 2023
Tenant Violated the Lease By Changing Nature of the Restaurant
Lease's Guaranty Clause Did Not Bind Tenant's Principal
Yellowstone Injunction Denied Because Tenant Failed to Show It Was Willing and Able to Cure Defaults
Loft Occupant Remains Protected By Loft Law
Real Property Law
August 01, 2023
Buyer Entitled to Return of Deposit Because Estoppel Certificates Were Inadequate
City Had Authority to Extinguish Interest of Delinquent Taxpayers After Four Month Redemption Period Expires
Survival Clause Includes No Expiration Date
Easement Not Invalid for Fraud
New York City's Guaranty Law Invalidated
August 01, 2023
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.
Distressed Investors Should Take Advantage of the Upcoming Plethora of Defaulted CRE Loans
August 01, 2023
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,
Tips for Achieving More Certainty of Specific Performance Availability
August 01, 2023
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.