New York Governor Andrew Cuomo signed a measure that extended the state’s moratorium on commercial evictions through to January 31, 2021. The governor has also publicly proposed extending the eviction moratorium until May 1, similar to an extension that was recently passed for residential evictions. The commercial eviction moratorium is seen by many as a stop-gap measure that fails to address the larger economic concerns felt by many small businesses throughout New York State. Continue reading “Cuomo Proposes Commercial Eviction Moratorium Extension”
WeWork, the largest commercial real estate tenant in New York City, has been evicted from its offices in Midtown South after allegedly violating the terms of its lease. The eviction is the latest in a series of troubling stories surrounding the company, which received a major shakeup after it began a corporate restructuring this past summer. This, combined with major financial troubles and the recent exit of its CEO, has left the well-being of WeWork in question.
Continue reading “WeWork Evicted from Midtown Office”
Buying real estate is always a stressful prospect. For most people, a purchase of a home is the single largest purchase they will ever make. However, people who are looking for a place to run their business out of may find that finding the right piece of commercial real estate can be just as stressful as finding the right home, if not more so. Continue reading “Considerations for Purchasing Commercial Real Estate”
We were nearly a year into a heated battle with a retail tenant. In court, I was representing the landlord. Each side had hundreds of thousands of dollars on the line and the whole case was now turning on the judge’s interpretation of a few words in the lease. This was a Yellowstone Injunction case, and any commercial landlord who has been in the business for some length of time has either heard of or experienced one of these. They’re not pretty. Continue reading “When a Commercial Tenant Goes on Offense”
Much of your success in real estate depends on timing. As a real estate investor, you should strive to find order in the cycles and patterns of the market. Should you pull the trigger on that seemingly lucrative commercial real estate deal? If you evict your messy, property-damaging tenants now, will you be able to find a suitable replacement? Striking at the right moment can often mean the difference between success and failure. But, knowing when to hunker down and be patient is equally important. Continue reading “Timing the Cycles and Patterns”
Recently, the Real Estate Board of New York (REBNY), a politically powerful trade group, has joined forces with the city’s hotel industry organizations in an effort to stamp out advertised short-term rentals and companies, like Airbnb, that thrive on them. On June 17, both houses of New York’s legislature passed a bill that will dispel remote tenants from advertising their units for short-term rentals. Should New York Governor Andrew Cuomo sign the bill into legislation, the building’s owner, not its tenants who advertise the rental listings, will be fined for violations. Continue reading “NY Building Owners Beware: Advertised Short-Term Rentals of Your Units May Cost You”
Last April, the U.S. Department of Housing and Urban Development (HUD) announced its new guidelines on fair housing. A housing provider may not refuse to rent or renew a lease to an individual based on his or her criminal background and those who do may be in violation of the New York Fair Housing Act. Prior to this action, denying someone housing based on past criminal records was not considered discriminatory.
Continue reading “HUD Guidelines Bring Complex Issues for New York Real Estate”
Two developers — Westbrook Partners and Atlas Capital Group — recently announced an agreement to pay $100 million to acquire 200,000 square feet of air rights over Pier 40 for a proposed mixed-use development. The amount is 33% above the valuation of the air rights. The air rights were valued at $75 million, based on an appraisal commissioned by the owner, Hudson River Park Trust.
Case Study: The following represents an actual commercial mortgage modification matter in which James E. Clark served as counsel. Names of parties and other identifying information has been changed to protect the confidences of the parties. The following represents a sampling of the type of work Mr. Clark has done in the past and in no way serves as a representation of any outcome in any other situation. The following is for educational purposes only. Continue reading “The Commercial Mortgage Modification”