November 26, 2020

Volume X, Number 331

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COVID-19 Update: Executive Order Extending Moratorium on Commercial Evictions until January 1, 2021

On October 20, 2020, in response to the continued health and economic hardships faced by New York business owners due to the COVID-19 pandemic, Governor Cuomo signed a new executive order extending the Statewide moratorium on commercial evictions until January 1, 2021.  The new order extends an existing executive order which prohibits the enforcement of any eviction of any commercial tenant, or a foreclosure of any commercial mortgage, in each case, for nonpayment of rent, if the property is owned or rented by any individual that is eligible for unemployment insurance or benefits under state or federal law or otherwise facing financial hardship due to the COVID-19 pandemic. 

Governor Cuomo had recently extended an existing moratorium on residential evictions until January 1, 2021, and this order now offers the same protections to commercial properties.

We will continue to monitor this and other proposed legislation of interest and provide updates as needed.

© Copyright 2020 Cadwalader, Wickersham & Taft LLPNational Law Review, Volume X, Number 296
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About this Author

Steven M. Herman, Cadwalader, Joint Ventures Lawyer, mortgage securitizations Attorney
Partner

Steven Herman concentrates his practice in the areas of real estate finance, development, joint ventures, acquisitions, dispositions, commercial leasing, restructurings, workouts, and commercial mortgage securitizations. His work ranges from single- and multiple-asset negotiated and auction transactions to highly structured transactions that span all segments of the marketplace, including office, hotel, retail, multifamily, mixed-use healthcare, and industrial facilities. Steve's clients include investment banks, commercial banks, developers, investors, partners, lenders...

212 504 6054
Associate

Sulie Arias is an associate in the Real Estate Group. Sulie advises financial institutions on a broad range of real estate finance matters, including the acquisition, financing, refinancing, development and disposition of commercial properties, including office, retail, industrial, multifamily and mixed-use properties as well as undeveloped land on a local and national basis, and spanning all segments of the marketplace. Her practice includes single-lender and agented, multi-lender construction and permanent loans, bridge loans, mezzanine loans as well as leverage financing.

Sulie...

212-504-5791
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