A Tenant’s Guide To Operating Expense Escalations
February 8, 2013
Dena Cohen
Law360 Dena Cohen, Counsel in Herrick Feinstein’s Real Estate Group, authored an article for the Expert Analysis section of Real Estate Law360 which provides a primer on rent increases that are associated with the costs of operating, maintaining and repairing buildings.
Don't Underestimate The Scope Of A Bad Boy Guaranty
November 27, 2012
Law360 In the bygone days of pure nonrecourse financing, if a borrower was unable or failed to perform its obligations under the mortgage loan documents, lenders would look solely to the underlying collateral for the recovery of the debt. In that scenario, lenders were essentially out of luck if the value of the collateral fell to a level below the outstanding balance of the mortgage debt. To add insult to injury, many lenders quickly learned that this lack of personal liability enabled, and in some instances encouraged, distressed borrowers to covertly siphon cash out of the property in the months leading up to a default. Enter the bad boy guaranty.
Disagreement over Absolute Assignments of Rents Reappears
September 2012
The Bankruptcy Strategist During the real estate downturn of the early 1990s, courts in the Southern and Eastern Districts of New York disagreed over the impact under New York law of what appeared to be absolute assignments of rents, and whether Chapter 11 debtors could spend property rents to support their reorganization efforts despite such assignments. During the current downturn, two Southern District judges held that debtors are prevented from spending such rents because they had executed absolute assignments.
City Program Could Streamline Brownfield Process
September 2, 2010
GlobeSt.com A new program that allows the NYC Office of Environmental Remediation to investigate some brownfields sites, oversee remediation and -- applying state DEC criteria -- advise that cleanup has been completed properly, gives developers a potentially viable option to redevelop tainted property, Louis Evans writes. He notes that the state's program -- heretofore the only game in town -- offered a relatively protracted and sluggish process and says developers would be wise at least to consider the city program.
Co-ops Can Ease the Condo Crisis
October 5, 2009
Douglas P. Heller, Erica Buckley
Globestreet.com & Real Estate New York Erica Buckley, an assistant attorney general in the Real Estate Finance Bureau, and Douglas P. Heller, a Herrick partner specializing in all aspects of condo and co-op law with an emphasis on financing, encourage developers, sponsors and lenders on troubled condominium projects to consider converting to a co-operative ownership structure.
Cash Is King, Unless a Tenant Goes Bankrupt
May-June 2009
Real Estate New York's Property & the Law column Commercial property owners should consider requiring guarantor collateral -- rather than cash -- to secure a lease, because if tenant files for bankruptcy protection, the cash is subject to orders of the bankruptcy court and may not be available to the landlord, Ben Kursman writes here.
Realty Law Digest
Ongoing (since 1987)
Scott E. Mollen
New York Law Journal Scott Mollen authors "Realty Law Digest," a weekly column appearing in the
New York Law Journal since 1987.
Don't play fast and loose with real estate contracts
August 13, 2008
Real Estate Weekly Scott Mollen notes that some sellers of commercial real estate try to use dubious reasons to default buyers in rising markets -- hoping to re-trade the deal at a more robust price -- and issues cautions about that practice.
Developers Take Note!
April 24-30, 2007
Lori G. Singer
New York Real Estate Journal Lori Singer co-authors this article on The New York Brownfield Cleanup Program's potentially lucrative tax credit programs.