A number of factors have combined to cause an almost “perfect storm” for commercial real estate distress. The COVID-19 pandemic led to a rise in remote and hybrid work, increasing vacancy rates and decreasing property values....more
Is a “deed in escrow,” sometimes referred to as a “deed in a box,” enforceable in New York? While many real estate attorneys believe that it is not, a recent court ruling illustrates that the answer may not be as...more
6/19/2024
/ Bankruptcy Court ,
Borrowers ,
Deeds ,
Default ,
Escrow Holders ,
Foreclosure ,
Lenders ,
Mortgages ,
Property Owners ,
Real Estate Transactions ,
Right of Redemption
In an appeal heard by the Appellate Division of the Supreme Court in the First Judicial Department of New York, the Court recently ruled that a court may reform a guaranty after the statute of limitations for a reformation of...more
3/29/2024
/ Appellate Courts ,
Borrowers ,
Breach of Contract ,
Contract Claims ,
Foreclosure ,
Loan Agreements ,
Mortgages ,
Non-Recourse Loans ,
NY Supreme Court ,
Promissory Notes ,
Statute of Limitations
In a recent case, U.S. District Judge Edgardo Ramos ruled that a foreclosure sale governed by Article 9 of the New York Uniform Commercial Code (UCC) was “commercially reasonable” when viewed as a whole, denying claims made...more
Since the start of the COVID-19 pandemic, borrowers and lenders alike have sought clarity regarding the permissibility of UCC foreclosure sales in the midst of the ongoing pandemic and the resulting economic fallout, as...more
3/23/2021
/ Administrative Orders ,
Appellate Courts ,
Borrowers ,
Coronavirus/COVID-19 ,
Foreclosure ,
Irreparable Harm ,
Mezzanine Lenders ,
NY Supreme Court ,
Preliminary Injunctions ,
Real Estate Market ,
Uniform Commercial Code (UCC) ,
Valuation
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