'Best Efforts' Clauses In Commercial Leases
March 01, 2023
Undefined terms of art such as "best efforts" are often utilized in commercial leases, but the interpretation of those terms and the enforceability of the clause, when left to the courts, will turn on how the lease is drafted.
The Impact of New York's Greenhouse Gas Law
March 01, 2023
New York City's Local Law Number 97 was enacted to amend the New York City Charter and Administrative Code to achieve reductions in greenhouse gas emissions by 2050. This is accomplished by requiring buildings to retrofit their systems with more energy efficient systems or purchase certain permitted carbon offsets.
Can ChatGPT Take the Place of Real Estate Lawyers?
March 01, 2023
While we marvel at the myriad applications of ChatGPT, it's important to note that this newly introduced tool has nuances which can create problems if misunderstood — especially when attempting to produce legal documents or legal advice in real estate transactions.
The Impact of Fed Rate Hikes on CRE Financing
March 01, 2023
When experiencing pain, the natural human response is to ask when it might stop. That is what commercial real estate, among other industries, have been doing. When will inflation end and the Federal Reserve stop hiking rates?
Rights of Tenant to Security Deposit When Landlord Files for Bankruptcy
March 01, 2023
As we debate whether there will be a "soft" or "hard" landing of the economy and the resulting effect of different landings on the volume of bankruptcy filings, it is helpful to review how a bankruptcy filing affects not only rights between a creditor and the debtor, but also the respective rights of creditors against property held by the debtor.
Crypto Collapse Gives View of 'Property' Values In the Metaverse
March 01, 2023
Before CRE owners and operators create that experiential virtual shopping mall or virtual office on a metaverse platform for their tenants, they need to make sure the tenants won't decide that the virtual experience is so good that they no longer have any use for the built portfolio.
Scrutiny of Eminent Domain Power
February 01, 2023
How closely will courts scrutinize exercises of the eminent domain power? Until recently, courts have been quite deferential when entities clothed with eminent domain power have determined that private property is necessary for public use. Two recent decisions, however, suggest that there are limits to that deference.
What's Working to Get Employees to Return To the Office
February 01, 2023
We are seeing a variety of successful measures that are designed to help attorneys get what they want: a best-of-both worlds scenario where they keep some work-from-home and fold-in an opportunity to intentionally connect and collaborate with colleagues in the office.
New Bankruptcy Code May Provide Way Out of Commercial Leases
February 01, 2023
In major metropolitan areas, commercial office vacancies have skyrocketed and rents have plummeted. Tenants, required to examine their space needs post-pandemic, are eager to take advantage of the lower rents. A recent addition to the Bankruptcy Code provides these lessees with an opportunity to walk away from above-market leases.
