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Sep 25, 2024 | 
jdsupra.com | Mark Edelstein |Anthony Ricketts |Jeffrey Temple
New York City recently released updated Commercial Property Assessed Clean Energy[1] (C-PACE) guidelines which are expected to open up opportunities for owners to obtain C-PACE financing for new construction and energy retrofit projects on properties throughout the city by lowering the bar on, and completely exempting some projects from, certain strenuous requirements that were previously implemented.
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Jul 17, 2024 | 
jdsupra.com | Mark Edelstein |Theresa A. Foudy
Distress in U.S. commercial real estate industry persists and is unlikely to go away any time soon. 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. Rising interest rates and inflated operating and maintenance costs made the properties more expensive to maintain, further depressing values.
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Jul 17, 2024 | 
lexology.com | Mark Edelstein |Theresa A. Foudy
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. Rising interest rates and inflated operating and maintenance costs made the properties more expensive to maintain, further depressing values.
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Jul 12, 2024 | 
jdsupra.com | Mark Edelstein |Theresa A. Foudy
Distress in U.S. commercial real estate industry persists and is unlikely to go away any time soon. 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. Rising interest rates and inflated operating and maintenance costs made the properties more expensive to maintain, further depressing values.
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Jun 20, 2024 | 
jdsupra.com | Mark Edelstein |Jeffrey Temple
Many commercial real estate land parcels in New York are held through a long-term ground lease structure. This includes approximately 100 co-op buildings in New York City that are located on property that is ground leased. When a co-op’s long-term ground lease is set to expire, landowners have often demanded a significant increase in rent correlating with the often higher market value of the building.
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Jun 20, 2024 | 
lexology.com | Mark Edelstein |Jeffrey Temple
Many commercial real estate land parcels in New York are held through a long-term ground lease structure. This includes approximately 100 co-op buildings in New York City that are located on property that is ground leased. When a co-op’s long-term ground lease is set to expire, landowners have often demanded a significant increase in rent correlating with the often higher market value of the building.
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Jun 19, 2024 | 
jdsupra.com | Mark Edelstein |Roberto Machado |Jeffrey Temple
Workout AdvisoryIs 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 straightforward as once believed.[1]A “deed in escrow” transaction affords a lender a seemingly quick and easy avenue towards taking title to a mortgaged property following a loan default without having to obtain a foreclosure judgment.
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Mar 29, 2024 | 
jdsupra.com | Mark Edelstein |Jeffrey Temple
In an appeal heard by the Appellate Division of the Supreme Court[1] 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 contract claim has passed when a scrivener’s error would result in an absurd or illogical result.[2] The relevant provision in the guaranty states, “the Debt shall be fully recourse to Borrower” rather than the “Indemnitor” who executed the guaranty.
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Mar 7, 2024 | 
jdsupra.com | Mark Edelstein |Jeffrey Temple
In a recent case[1], U.S. District Judge Edgardo Ramos ruled that a foreclosure sale governed by Article 9 of the New York Uniform Commercial Code (UCC)[2] was “commercially reasonable” when viewed as a whole, denying claims made by Ziel Feldman and HFZ Capital Group (collectively, “HFZ”) that the sale was commercially unreasonable and further clarifying this sometimes-murky standard for lenders looking to complete a UCC foreclosure.
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Mar 6, 2024 | 
lexology.com | Jeffrey Temple |Mark Edelstein
In a recent case[1], U.S. District Judge Edgardo Ramos ruled that a foreclosure sale governed by Article 9 of the New York Uniform Commercial Code (UCC)[2] was “commercially reasonable” when viewed as a whole, denying claims made by Ziel Feldman and HFZ Capital Group (collectively, “HFZ”) that the sale was commercially unreasonable and further clarifying this sometimes-murky standard for lenders looking to complete a UCC foreclosure.
