On March 9, 2021, New York Governor Andrew Cuomo signed into law the New York State COVID-19 Emergency Protect Our Small Businesses Act of 2021 (S471A/A3207) (the “Act”). After a full year of commercial tenants and commercial...more
3/19/2021
/ Commercial Leases ,
Commercial Tenants ,
Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Foreclosure ,
Governor Cuomo ,
Landlords ,
Moratorium ,
New York ,
Small Business ,
State and Local Government ,
Tenants ,
Undue Hardship
Another federal court has ruled against the Centers for Disease Control and Prevention (CDC) nationwide ban on residential evictions (the “Order”), which is set to expire on March 31, 2021. A target of the various lawsuits we...more
On February 24, 2021, five New York landlords filed a complaint in federal court, alleging that Part A of the state’s COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”) violates their...more
3/5/2021
/ Arbitration Procedural Rules ,
Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
Eviction ,
First Amendment ,
Joe Biden ,
Landlords ,
Moratorium ,
New York ,
Preliminary Injunctions ,
Rental Property ,
State Attorneys General ,
Tenants ,
Unconstitutional Condition
On Sunday, December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, which provides $900 billion in a second wave of economic stimulus relief for industries and individuals faced with challenges...more
Through the continued uncertainty as to how COVID-19 might affect commercial real estate leases and the rights and obligations of landlords and tenants thereunder, the New York courts are attempting to carve out standards for...more
On December 28, 2020, New York Governor Andrew Cuomo signed into law the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”) passed by the New York State Legislature. The Act (S.9114/A.11181) is...more
New York State has extended the moratorium on commercial evictions and foreclosures through January 31, 2021. Governor Andrew Cuomo’s Executive Order 202.81 extends the previous deadline of January 1, 2021...more
On November 25, 2020, the Southern District of New York upheld Section 22-1005 of the New York City Administrative Code, which renders personal guaranties contained in leases unenforceable for commercial tenants impacted by...more
Publication of U.S. dollar (USD) LIBOR rates used in many financial instruments may continue longer than expected. On November 30, 2020, ICE Benchmark Administration (IBA), the administrator of LIBOR, released a statement...more
New York State has extended the moratorium on commercial evictions and foreclosures through January 1, 2021. Governor Andrew Cuomo’s Executive Order 202.70 extends the previous deadline of November 3, 2020, in order to “align...more
On October 5, 2020, New York Governor Andrew Cuomo signed Executive Order 202.67, extending the moratorium on commercial evictions and foreclosures through November 3, 2020...more
On September 18, 2020, New York Governor Andrew Cuomo signed Executive Order 202.64, extending the moratorium on evictions and foreclosure actions against commercial tenants and owners facing financial hardship due to...more
The COVID-19 pandemic has triggered unprecedented levels of business disruption and forced numerous companies into bankruptcy in an effort to preserve dwindling liquidity and postpone creditor demands. Retailers, whose...more
On April 27, 2020, five Missouri retailers filed a putative class action suit against their insurance provider, The Cincinnati Insurance Company, for breach of contract relating to the insurer’s denial of coverage under the...more
8/26/2020
/ All-Risks Insurance ,
Business Income ,
Business Interruption ,
Class Action ,
Compensatory Damages ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Insurance Industry ,
Motion to Dismiss ,
Property Insurance ,
Retailers
In January 2020, Senator Julia Salazar and Assembly Member Harvey Epstein introduced a bill (S7231/A09041) in the New York State Legislature proposing to charge a recording tax (similar to the mortgage tax) on mezzanine debt...more
As borrowers continue to experience financial distress and loans go into default as a result of the ongoing coronavirus pandemic and related issues, lenders are now becoming more focused on the need to take a closer look at...more
The Rent and Mortgage Cancellation Act of 2020, introduced on July 10, 2020 by Assemblymember Yuh-Line Niou (D) and Senator Julia Salazar (D), proposes to cancel residential rent payments and mortgages for small homeowners...more
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