By Adam Leitman Bailey… Judgments of foreclosure and sale granted in favor of lenders are being reversed. This article highlights the underdiscussed expanded burden now imposed by the Second Department that lenders must satisfy to successfully foreclose on a defaulted loan. Many foreclosure proceedings already at the judgment stage are being unwound for the proofs Full Article…
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Want Low Turnover and High Profitability? Focus on Merit-Based Compensation and Benefits
My law firm turned 20 years old on January 3rd. Throughout its history, the firm’s turnover rate for attorneys has been meager and we’ve had an average retention rate of more than 95% per year. This high retention rate has assisted in attracting the best candidates, and clients enjoy having the stability of working with Full Article…
Creative Methods for Closing During COVID-19
By Rosemary Liuzzo Mohamed and Carly Clinton The transactional world faced many challenges during the pandemic. A traditional purchase/sale closing takes place in a small conference room filled with six to ten individuals passing pens and papers and leaning over each other’s shoulders. Sitting shoulder to shoulder in a tight space is not ideal given Full Article…
Remote Notarization for Refinance Closings
By Rosemary Liuzzo Mohamed and Carly Clinton A select group of lenders allow the use of remote notarization to conduct refinance closings. During COVID-19 some borrowers were self-quarantining and therefore unable to attend a traditional in-person closing for their refinances. Being able to conduct the closing through audio/visual mechanisms allowed our firm to continue closing Full Article…
New York’s Commercial Lease Defenses to Paying Rent
By Adam Leitman Bailey and Dov TreimanSeptember 2020 ew York is in one of its worst depressions since the American Revolution. Few landlords and commercial tenants have been completely immune from the governmentally imposed economic shutdown and COVID-19’s wrath. Not including what may have been negotiated in a commercial lease, there are three traditional theories Full Article…
Governor Extends Certain Condominium Offering Plan Deadlines
By Adam Leitman Bailey, P.C. On April 16, 2020, Governor Cuomo issued Executive Order 202.18 (EO 202.18), which among other things, extended several deadlines applicable to condominium and cooperative offering plans. EO 202.18 tolls several deadlines that could prevent condo/co-op sponsors from completing and selling condo/co-op projects, though it does not significantly change most ongoing Full Article…
Landmines Borrowers and Lenders Need to Avoid When Negotiating Abatement and Deferrals
In the midst of the current economic deep distress, there are, and will continue to be, countless communications from tenants to real estate owners requesting forbearance from the payment of rent. This will in turn no doubt trigger requests from owners to their lenders, requesting forbearance with respect to mortgage payments. The following discusses some Full Article…
NYC COVID-19 Lease Guarantee Law May Be Unconstitutional
May 26, 2020 On May 13, without much fanfare, the New York City Council quietly approved Instrument Number 1932-A. The bill amends New York City’s Administrative Code by forever canceling personal guarantees executed in conjunction with commercial leases if the tenant has defaulted in rent resulting from the COVID-19 pandemic. According to Councilwoman Carlina Rivera, who sponsored Full Article…
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