By William J. Geller, 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 Full Article…
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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
By Massimo D’Angelo 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, Full Article…
The Mystery Behind Real Estate’s Most Successful Law Firm, Adam Leitman Bailey
By Analina Smeraldi July 7, 2020 I first became intrigued with Adam Leitman Bailey while reading the 250th issue of The Real Deal. In it, the publisher and editor discussed a series of cases where Bailey used an “ingenious” legal weapon that caused Congress to intervene and change the law. They further noted that The Real Deal’s largest advertisers Full Article…
COVID-19 Relief Legislation Tests Constitutional Limits
Local government in New York City has adopted recent legislation adversely impacting commercial landlords by abolishing personal guarantees that were used at lease inception, to induce those landlords to enter into those leases. Based upon longstanding legal precedent, this legislation could be found to be facially invalid on constitutional grounds. By Massimo F. D’Angelo | May 26, 2020 Full Article…
5 Pointers For Landlords Facing Tenant Bankruptcies
By William J. Geller We are in the calm before the storm. With the state court system shut down for non-emergency matters, and evictions and foreclosures stayed, businesses have little reason to file for bankruptcy now, even though the Bankruptcy Courts are open and working remotely. However, once the COVID-19 emergency measures ease, and the Full Article…
Governor Extends Certain Condominium Offering Plan Deadlines
By William J. Geller, 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 Full Article…
‘Regina’ Decision Nixes HSTPA’s Rent Overcharge Retroactivity
The ‘Regina’ decision will have significant reverberations for the real estate market going forward, as it will unfreeze the chill over the purchase and sale of rent-regulated buildings. By Massimo F. D’Angelo | April 08, 2020 On April 2, 2020, the New York State Court of Appeals issued a split decision (4-3) on a string of four rental Full Article…
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