By Christopher Gorman and John Muldoon (January 17, 2024) In the current climate in the commercial real estate world, one frequently hears about owners and borrowers, faced with distress, handing back the keys to the lender or loan servicer. Undoubtedly, there are situations where this may be the best strategy available to the borrower. For […]
NY’s LLC Transparency Act Signed by Governor; Chapter Amendment Pending State Legislature Approval
On December 22, 2023, Governor Hochul signed the New York LLC Transparency Act (NYLTA) into law, with one major change to be made through a chapter amendment which will need to be approved next year by the state legislature. While the initial draft of the NYLTA establishes a public database that requires the disclosure of […]
Recently, New York Governor Kathy Hochul signed into law an amendment to General Business Law Article 35-E Construction Contracts (GBL § 756-758), commonly referred to as New York’s Prompt Payment Act, mandating retainage not to exceed 5 percent on all general construction contracts and subcontracts and that retainage must be released within 30 days following […]
Rejecting 40 New York City Leases and Seeking to Amend or Exit Substantially All Leases, Heightening Commercial Real Estate Challenges. WeWork Files Bankruptcy Rejecting 40 New York City Leases, Seeking to Amend or Exit Substantially All Leases, and Seeking to Reduce Debt by $3 Billion Between November 6th and 7th, the co-working office space giant, […]
In this episode of Inside R&E, Adam Lindenbaum and Harris W. Davidson, attorneys with the firm’s Litigation Department, discuss the changing legal landscape and new challenges – from the perspective of commercial building owners and landlords – surrounding the unlicensed sale of cannabis products by thousands of New York City smoke shops. Together they discuss […]
FDIC Sale of Signature Mortgages: Rent Regulation Issues Affecting Valuation
The Federal Deposit Insurance Corporation (“FDIC”) has publicly disclosed that it plans to sell $33 billion of mortgage facilities generally in two tranches. A total of 14 loan pools are being offered in 12 Joint Venture (“JV”) transactions open to all bidders and 2 all cash outright sales to FDIC insured institutions. The FDIC further […]
R&E’s Daniel M. Bernstein and Nicholas DiLorenzo represented Carmel Partners in its development of a major new multifamily project at 54 Crown Street, Brooklyn. The Project will contain 569 apartments including 143 permanently affordable units and has just closed a Mandatory Inclusionary Housing (“MIH”) Restrictive Declaration with NYC’s Department of Housing Preservation & Development (“HPD”). R&E […]
On Thursday August 17, Mayor Eric Adams, with City Planning Director Dan Garodnick, announced the Mayor’s proposed “City of Yes for Housing Opportunity,” a major new initiative to facilitate the production of new housing. The proposal, which is part of the Mayor’s broader “City of Yes” initiative, includes three primary components: (1) conversion of vacant […]
Three Takeaways from Casey v. WhitehouseEstates Rent Regulation Decision
By Jeffrey Turkel On March 16, 2023, the Court of Appeals decided Casey v WhitehouseEstates, Inc., the first Court of Appeals ruling to address rent regulationsince its landmark decision in Matter of Regina Metro. Co., LLC v NewYork State Div. of Hous. & Community Renewal, 35 NY3d 332 (2020). In Casey,the Court of Appeals unanimously […]
By Gary M. Rosenberg, Alexander Lycoyannis and Dejan Kezunovic
On March 10, 2023 it was announced that Silicon Valley Bank (“SVB”) effectively “collapsed” in the largest bank failure since the 2007–2008 financial crisis. Regulators seized and transferred SVB into a receivership under the Federal Deposit Insurance Corporation (“FDIC”) which created bridge banks to assume the deposits and obligations of SVB’s banking business while the […]
Best Efforts’ Clauses In Commercial Leases BY GARY M. ROSENBERG,ALEXANDER LYCOYANNISAND MICHAEL A. PENSABENE In the wake of the global pandemic which caused widespread unforeseen business interruption, “best efforts” clauses in commercial leases have come under scrutiny. While these clauses are often heavily negotiated, they inherently require a degree of interpretation because they speak to […]
