Thomas Kearns Publishes Top 2023 Legal Developments Affecting New York’s CRE Industry in NYREJ

New York Real Estate Journal (subscription required) recently interviewed Co-Chair of Olshan’s Real Estate Law practice Thomas Kearns in an article entitled “Top 2023 Legal Developments Affecting New York’s Commercial Real Estate Industry.” (The article is also available on our blog.) In the article, Tom discusses a few legislative and regulatory highlights of 2023 that will continue to affect New York’s commercial real estate industry, including: regulations on the implementation of the federal Corporate Transparency Act, which forces most limited liability companies to separately disclose ownership of the LLC in a federal filing; New York’s Transparency Act, an LLC ownership disclosure regime passed by New York’s legislature similar to the Federal act; the ruling in 260-261 Madison Ave LLC v. WeWork 261 Madison LLC, where the New York Supreme Court permitted the landlord to pursue a claim against the WeWork parent company despite the parent company not appearing on the lease nor serving as guarantor; amendments to the General Business Law that limit retainage for construction contracts for $150,000 or more to 5% of the contract amount; and more.