On June 30, 2020, New York Governor Andrew Cuomo signed into law the New York Tenant Safe Harbor Act (the “Act”). The Act (S.8192B (Hoylman)/A.10290B (Dinowitz)), sponsored by New York State Senators Brad Hoylman and Liz...more
On May 26, 2020, New York City enacted a law that renders personal guaranties unenforceable for commercial tenants impacted by COVID-19. Section 22-1005 of the Administrative Code of the City of New York states that a...more
As borrowers fall into financial distress as a result of the ongoing coronavirus pandemic, or otherwise, and loans default, some lenders look to foreclose their mortgage and mezzanine loans. While there is little judicial...more
Governor Cuomo signed Executive Order 202.8 on March 20, 2020, which initially established a 90-day stay on evictions and foreclosures, among other measures designed to prevent the transmission of COVID-19 and provide...more
New York State Senate Bill 8125-A, introduced on March 23, 2020 by Senator Michael Gianaris (D), proposes to provide rent relief to New Yorkers affected by the outbreak of the coronavirus (COVID-19).
S.B. 8125-A would...more
On April 9, 2020, the Federal Reserve announced that it would be expanding the Term Asset-Backed Securities Loan Facility (TALF) to include triple-A-rated commercial mortgage-backed securities (CMBS) and static...more
One of the impediments to conducting “business as usual” while offices have shut down and work has transitioned to a remote environment has been the inability to properly execute financial and legal documents. This is...more
The Coronavirus Aid, Relief, and Economic Security Act (commonly referred to as the “CARES Act”) was enacted on March 27, 2020. The CARES Act is a nearly $2 trillion stimulus package aimed at combating the economic impact...more
On March 18, New York Governor Andrew Cuomo signed Executive Order 202.6 limiting non-essential business. Today, New York State expanded its guidance on Executive Order 202.6 to include construction as a non-essential...more
If the current coronavirus (COVID-19) situation persists, real estate lenders increasingly will be faced with the need to restructure loans in their portfolios. Lenders that held non-performing real estate loans during prior...more