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As the COVID-19 (Coronavirus) pandemic continues to have devastating effects on our nation’s economy, particularly for small businesses and restaurants struggling to make ends meet and stay afloat, relief has become available for certain personal guarantors of NYC commercial leases.  On May 26, 2020, Mayor Bill de Blasio signed into law Section 22-1005 of the…

From the start of the unprecedented closure of the New York State Courts to new, “non-essential” filings until yesterday, commercial tenants had no remedy against a landlord seeking to terminate a lease as a result of a covenants or payment default.  The so-called Yellowstone Injunction, named after a 1968 Court of Appeals case, has protected…

The New Jersey Housing and Mortgage Finance Agency (NJHMFA), a state agency dedicated to increasing the availability of and accessibility to safe, decent and affordable housing, unanimously voted to temporarily suspend rent increases at all eligible properties within the agency’s portfolio as a result of the COVID-19 pandemic.

This temporary suspension of rent increases will…

A new law was recently signed by Governor Phil Murphy permitting “notarial acts” to be done remotely in New Jersey using “communication technology” during the ongoing State of Emergency in New Jersey as declared by the Governor under Executive Order No. 103.  Notarial acts include: taking acknowledgments; administering oaths and affirmations; executing jurats or other…

To continue to mitigate against the devastating economic effects of COVID-19, Freddie Mac provided further relief for multifamily landlords and tenants by revising its existing Multifamily COVID-19 Forbearance Program (Forbearance Program) in response to the enactment of the CARES Act.  Under the existing Forbearance Program, property owners with a fully-performing Freddie Mac Multifamily loan can…