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Jones Day

New York Legislature Passes Bill Banning Rent Minimum Provisions in Real Estate Loan Documents

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On June 13, both houses of New York's legislature passed a bill, S1163, that prohibits "rent minimums" in real estate secured loan documents....more

McGlinchey Stafford

State COVID-related Foreclosure and Eviction Moratorium Updates

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Alert October 23, 2020 Due to the economic impacts of COVID-19, many states have issued moratoriums on foreclosures and evictions. Some of those moratoriums have expired. However, even if a lender is now able to obtain a...more

McGlinchey Stafford

COVID Law Imposes Forbearance and Loss Mitigation Requirements

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On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

Seyfarth Shaw LLP

New Rent Reduction Laws Proposed in New York May Be Better for Landlords, But May Still Be Challenged

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As discussed in prior updates, lawmakers in New York previously introduced bills that would, if enacted, temporarily suspend rent payments for certain residential and small business commercial tenants unable to pay rent due...more

Seyfarth Shaw LLP

Amending Building Loan Contracts in New York in the Wake of COVID-19-Related Closures of Local Recorders’ and Clerks’ Offices

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The closure of local recorders’ and county clerks’ offices in the wake of COVID-19, and the prospect of future closures, has had a profound effect on commercial real estate transactions. This is particularly true in New York...more

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