Real Estate Law & Practice
Mark A. Levine, Wendy Rossi and Stacy Bercun Bohm of Akerman Senterfitt discuss the Rapid Repairs, Back to Business, and other programs that addressed the immediate aftermath of the hurricane, the new FEMA Advisory Flood Maps, the financial impact of rebuilding, and Governor Cuomo's voluntary buy-out program which would demolish damaged structures and reposition the property to act as natural barriers to protect upland areas.
Holland & Knight partner Stuart M. Saft discusses major issues to consider in developing and operating condominium hotels because of the complex relationships and potential conflicts arising from competing interests in the various components of the condominium as well as finding a mechanism to share the cost of providing the amenities and services.
James Gadsden, a partner at Carter Ledyard & Milburn, writes that since the Second Department rejected the guarantors' argument in 'G3-Purves Street v. Thomas Purves' that a bad boy guarantee was essentially a liquidated damages provision that imposed an unenforceable penalty, it now appears that New York courts will enforce nonrecourse carve outs against the guarantors, a welcome development for both lenders and borrowers in the commercial context.
Amol Pachnanda, a partner at Ingram Yuzek Gainen Carroll & Bertolotti, writes that many start-ups and small companies lack the necessary muscle to negotiate a contraction option or an early termination option in their lease, but those are not the only two routes available to the tenant that has planned for an exit strategy as part of its overall business plan. A careful negotiation of the assignment and subletting clause will permit the tenant to mitigate its losses when its space no longer fulfills its needs.