We last wrote in May 2019 (updating an earlier post written in February 2018) that the New York State Court of Appeals, the state’s highest court, issued a landmark decision affirming the Appellate Division, Second Department’s decision in 159 MP Corp. v. Redbridge Bedford, LLC to uphold a commercial tenant’s waiver of its right to
Leasing
Update: New York Court of Appeals Deals Serious Blow to Future Yellowstone Injunctions
By Nolan Shanahan & Adam H. Morsy on
Posted in Leasing, Real Estate
In a landmark decision, the Court of Appeals, New York State’s highest court, has endorsed a commercial tenant’s waiver of its right to seek a “Yellowstone” injunction, perhaps sounding the ultimate death knell for this common remedy for commercial tenants who are facing claims of default from their landlords. A Yellowstone injunction enables a tenant…
Appellate Ruling Impacts Availability of Yellowstone Injunctions
By Nolan Shanahan & Adam H. Morsy on
The ability to obtain a “Yellowstone” injunction has long been a saving grace for commercial tenants faced with a disputed default under their lease. A recent decision of the New York State Appellate Division, however, could shift the balance of power in commercial landlord/tenant relationships.
Typically, when a landlord notifies a tenant of an alleged…
NYC Council Modifies Commercial Rent Tax
By Adam H. Morsy on
The New York City Council approved a bill on Thursday, November 30, that impacts thousands of small business owners located south of 96th Street in Manhattan. The bill modifies the threshold that businesses must meet in order to be exempt from paying the 3.9 percent New York City commercial rent tax, which is…
Tax Court Puts Brakes on Recent Trend Limiting Religious/Non-Profit Exemptions
In a recent tax court case, Holy Trinity Baptist Church v. City of Trenton (Docket No. 015909-2014, February 2, 2017), the court overturned the findings of the County Board of Taxation and upheld the tax exemption for religious/charitable use of properties pursuant to N.J.S.A. 54:4-6.3. This statute exempts properties from taxation where “buildings [are] actually…