New York Real Estate Journal published an article on May 30 authored by Olshan Real Estate partner Thomas Kearns and Litigation counsel Joseph Weiner entitled "Guaranty Law Held Unconstitutional" (by subscription).
New York Real Estate Journal published an article on March 23 authored by Olshan Real Estate partner Thomas Kearns entitled “Commercial Lease Clauses for Pandemics.”
The COVID‑19 pandemic has caused a “once in 100 years” crisis in many sectors of commercial real estate. Hotels, convention centers, restaurants, theaters, health clubs, and even office buildings around the nation were forced to close or severely limit capacity at times during the pandemic.
Seller’s COVID-related actions breached an “ordinary course” covenant, even though the COVID-19 pandemic did not give rise to a “material adverse effect.”
Authored by Michael R. Neidell and Zachary E. Freedman, Law Clerk
New York Real Estate Journal published an article on September 22 authored by Olshan Real Estate partner Thomas Kearns entitled “Ground Lease Hotels”
Governor Cuomo’s Executive Order 202.8, dated March 20, 2020, froze evictions of any residential or commercial tenant through June 18, 2020, but did not expressly restrict taking enforcement actions against tenants short of an actual eviction. On May 7, 2020, Governor Cuomo issued Executive Order 202.28, which extended that moratorium until August 20, assuming the owner or tenant “is eligible for unemployment insurance or benefits under state or federal law or otherwise facing financial hardship due to the COVID‑19 pandemic.” Neither of these Executive Orders expressly restricts landlords from taking enforcement actions against tenants short of an actual eviction, including terminating leases based on tenant defaults. They also do not obviate a commercial tenant’s obligation to continue paying rent under the lease.
New York Real Estate Journal published an article on May 19 authored by Olshan Real Estate partner Thomas Kearns entitled “Offices After COVID-19.”
Governor Cuomo’s Executive Order 202.8 freezes evictions of any residential or commercial tenant through June 18, 2020, but does not expressly restrict taking enforcement actions against tenants short of an actual eviction.
This post addresses contractual performance during the coronavirus pandemic.
On March 18, Governor Cuomo signed an Executive order designating “construction” as an essential business activity, such that the workforce restrictions applicable to other business do not apply to construction sites.
We address common concerns raised by our clients and will post any further updates as we become aware of them.
Force Majeure? Contractual Performance During the Coronavirus Pandemic