The COVID-19 pandemic and resulting lockdown restrictions designed to combat it have caused significant changes to the way in which commercial real estate owners and developers assess their properties, particularly with respect to existing or new spaces. As we all know, remote work and decreased needs for physical space have placed a novel burden on both tenants and commercial property owners alike to find solutions…

COVID-19’s effects on the economy were generally devastating, mirroring the healthcare crisis itself. However, the economic impact on commercial real estate and property tax was uneven, hurting many while benefiting others. Under New York State law, tax assessments are determined as of an annual valuation date. This requires each jurisdiction’s tax assessor to assign a value as of their respective date each year. This allows…

Insurance coverage is often the bane of a construction contractor’s existence. Many contractors often give short shrift to the process of obtaining and ensuring that they have the proper insurance coverage necessary to protect them during their construction operations. However, such a cavalier attitude by contractors can have a deleterious effect on their business. Failure to have proper insurance often times results in claims against…

In direct response to the COVID-19 pandemic, New York City’s City Council passed a local ordinance on May 26, 2020 in an attempt to protect tenants of commercial rental agreements. Many commercial leases in New York City contain “personal guaranty” clauses which permit landlords to collect unpaid rent, utilities or taxes directly from the business owners, who contract and agree to be responsible for the…