Lenders often require their borrowers to be “special purpose entities” in real estate transactions. This is a way that lenders can mitigate their bankruptcy risk in the event that the borrower or any of its parent entities...more
On February 25, 2021, the United States District Court in the Eastern District of Texas (“Texas Court”) granted summary judgment in favor of the plaintiffs in Lauren Terkel et al. v. Centers for Disease Control and Prevention...more
4/1/2021
/ Centers for Disease Control and Prevention (CDC) ,
Constitutional Challenges ,
Coronavirus/COVID-19 ,
Eviction ,
Failure To Pay ,
Financial Distress ,
Infectious Diseases ,
Landlords ,
Moratorium ,
Public Health ,
Relief Measures ,
Rental Property ,
Risk Mitigation ,
Scope of Authority ,
Tenants
In December, New York Governor Andrew Cuomo signed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020, which provided a moratorium on residential eviction and foreclosure proceedings until May 1, 2021....more
On February 25, 2021, the United States District Court in the Eastern District of Texas (“Texas Court”) granted summary judgment in favor of the plaintiffs in Lauren Terkel et al. v. Centers for Disease Control and Prevention...more
Assembly Bill A3139 was introduced by Assembly Member Harvey Epstein on January 22, 2021. The bill is currently in committee but, if enacted, it will amend New York’s Real Property Law and Tax Law to require the recording of...more
3/5/2021
/ Equity Investors ,
Legislative Agendas ,
Mezzanine Lenders ,
Mortgages ,
Proposed Legislation ,
Real Estate Investments ,
Recording Statutes ,
State and Local Government ,
Tax Liability ,
Tax Planning ,
Tax Reform
On February 16, 2021, the United States District Court in the Southern District of New York (the “Court”) issued a decision In Re Citibank August 11, 2020 Wire Transfers1 that upheld the “discharge for value” doctrine and...more
The fluidity of New York’s legal landscape continues to accelerate in the wake of the pandemic. Proposed legislation in New York may disrupt long-established law that commercial landlords do not have a duty to mitigate their...more
Assembly Bill A3139 was introduced by Assembly Member Harvey Epstein on January 22, 2021. The bill is currently in committee but, if enacted, it will amend New York’s Real Property Law and Tax Law to require the recording of...more
In December 2020, as part of the larger National Defense Authorization Act, the Corporate Transparency Act (the “Act”) was enacted. The Act requires that anonymous shell companies, most notably limited liability companies and...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
In December 2020, as part of the larger National Defense Authorization Act, the Corporate Transparency Act (the “Act”) was enacted. The Act requires that anonymous shell companies, most notably limited liability companies and...more
On January 1, 2021, Congress enacted the Anti-Money Laundering Act of 2020 (the “Act”). As part of the National Defense Authorization Act for Fiscal Year 2021, the Act creates a broad range of new anti-money laundering...more
Since declaring a State of Emergency on March 7, 2020 in response to the COVID-19 pandemic, New York Governor Andrew Cuomo has issued a number of Executive Orders providing protections for both commercial and residential...more
1/11/2021
/ Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Financial Distress ,
Foreclosure ,
Governor Cuomo ,
Landlords ,
Moratorium ,
Mortgages ,
Relief Measures ,
Rent ,
Rental Property ,
State and Local Government ,
Tenants
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
As the COVID-19 pandemic unfolded upon New York City, policymakers grappled with impossible decisions regarding how to protect public health and stave off economic ruin for individuals, businesses and the economy at large....more
12/7/2020
/ Anti-Harassment Policies ,
Contracts Clause ,
Coronavirus/COVID-19 ,
Due Process ,
Failure To Pay ,
Financial Distress ,
First Amendment ,
Free Speech ,
Harassment ,
Infectious Diseases ,
Landlords ,
Relief Measures ,
Rental Property ,
State and Local Government ,
Tenants
On October 20, 2020, in response to the continued health and economic hardships faced by New York business owners due to the COVID-19 pandemic, Governor Cuomo signed a new executive order extending the Statewide moratorium on...more
10/23/2020
/ Commercial Leases ,
Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Financial Distress ,
Foreclosure ,
Landlords ,
Moratorium ,
Relief Measures ,
Rent ,
Rental Property ,
State and Local Government ,
Tenants
In response to the coronavirus pandemic, the federal government, as well as many States, have enacted eviction and foreclosure moratoriums in an effort to keep homeowners and renters in their homes and slow the spread of...more
9/4/2020
/ Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Infectious Diseases ,
Landlords ,
Moratorium ,
Public Health ,
Relief Measures ,
Rent ,
Rental Property ,
Tenants
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 August 5, 2020, New York State Governor Andrew Cuomo issued Executive Order 202.55 (the “New Order”) to provide additional relief to renters impacted by the COVID-19 pandemic and extended the time periods for certain other...more
8/11/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Financial Distress ,
Foreclosure ,
Governor Cuomo ,
Landlords ,
Moratorium ,
Mortgages ,
Relief Measures ,
Rent ,
Rental Property ,
State and Local Government ,
Tenants
A new bill canceling rent for residential tenants, and mortgage payments for some qualified homeowners, was announced last week in New York. This new bill calls for the cancellation of residential rental payments, and...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
On September 18, 2018, the three federal banking agencies – the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation – jointly...more
On June 19, 2018, in HH Cincinnati Textile L.P. v. Acres Capital Servicing LLC, the Supreme Court of the State of New York refused to issue a preliminary injunction to prevent the foreclosure sale of the equity interests in...more
In its latest effort to combat money laundering within the real estate sector, the Financial Crimes Enforcement Network (“FinCEN”) has issued a new Geographic Targeting Order (“GTO”) broadening its scrutiny of shell companies...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