The Supreme Court of the State of New York, County of Westchester, recently held that the doctrine of res judicata bars a lender’s claim that a borrower’s subsequent transfers of property are void, if the claim is brought...more
Taken for granted, overlooked and generally not read very carefully are provisions ensconced with the moniker “miscellaneous.” I would argue that while they are viewed as the “second fiddle” of legal provisions contained in...more
Volatility, prudence, cautious optimism, outright fear, stagnation, doldrums. These and many other terms are being bandied about concerning the current state of the real estate markets.
Needless to say, we are in a...more
Compliance deadlines for Local Law 97 of 2019 are steadily approaching, with the first reporting date being May 1, 2025, at which time owners of buildings covered by the law will be required to report compliance with the...more
8/30/2022
/ Carbon Emissions ,
Climate Action Plan ,
Climate Change ,
Cooperative Compliance Regime ,
Green New Deal ,
Greenhouse Gas Emissions ,
Local Ordinance ,
New York ,
Real Estate Development ,
Real Estate Market ,
Reporting Requirements
The New York State Supreme Court, New York County Commercial Division (the “Court”) decided in U.S. Bank, N.A. v. 342 Property LLC, on February 14, 2022, that a mezzanine lender that is not a party to loan documents that...more
4/27/2022
/ Article III ,
Borrowers ,
Breach of Contract ,
Contract Terms ,
Default ,
Foreclosure ,
Intercreditor Agreements ,
Lenders ,
Membership Interest ,
Mezzanine Lenders ,
Mortgages ,
NY Supreme Court ,
Real Estate Market ,
Standing ,
Summary Judgment ,
US Bank National Association
It is difficult to celebrate economic success when every day on the news we are confronted with unimaginable horrors and human suffering. With this as a backdrop, we would like to offer our comments on the state of the real...more
On November 10, 2021, the owner of the State Street Financial Center in Boston, Massachusetts defaulted on its debt, consisting of a mortgage loan in the amount of $535,000,000 and three mezzanine loans in the aggregate...more
As we all know, 2021 has been a big comeback year in the real estate industry following the unprecedented COVID-driven challenges of 2020. There are still fundamental changes occurring – using a real estate metaphor, both at...more
In a recent concurring opinion, Judge Rowan D. Wilson sifts through and attempts to clear up some confusion in New York case law surrounding the doctrine of standing in foreclosure actions. ...more
A recent decision of New York’s highest court potentially strengthens the ability of lenders to bring suits against third parties for participation in a borrower’s breach of single purpose entity/bankruptcy remote loan...more
On August 3, 2020, in Shelbourne BRF LLC, Shelbourne 677 LLC v. SR 677 BWAY LLC, the Supreme Court of the State of New York (the “Court”) granted the borrower plaintiffs’ motion for a preliminary injunction and prohibited the...more
On June 2, 2020, in HH Mark Twain LP v. Acres Capital Servicing LLC, the Supreme Court of the State of New York (the “Court”) denied the defendant’s motion to dismiss the plaintiff’s “clogging” claim, thereby providing a...more
Choice real estate markets such as New York, Miami, Los Angeles, San Francisco, San Diego, and San Antonio may offer enticing amenities like buzzing nightlife or sunny beaches, but thanks to the Financial Crimes Enforcement...more
8/1/2016
/ Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Cash Transactions ,
Customer Due Diligence (CDD) ,
Data Collection ,
Disclosure Requirements ,
FinCEN ,
Geographic Targeting Order ,
Money Laundering ,
Real Estate Investments ,
Real Estate Market ,
Title Insurance
On January 13, 2016, the Financial Crimes Enforcement Network (“FinCEN”) announced that it had issued a Geographic Targeting Order (“GTO”) which will temporarily require certain title insurance companies to report the...more