Top 2023 Legal Developments Affecting New York’s Commercial Real Estate Industry

New York Real Estate Journal (subscription required) recently interviewed Co-Chair of Olshan’s Real Estate Law practice Thomas Kearns in an article entitled “Top 2023 Legal Developments Affecting New York’s Commercial Real Estate Industry.” In the article, Tom discusses a few legislative and regulatory highlights of 2023 that will continue to affect New York’s commercial real estate industry, including: regulations on the implementation of the federal Corporate Transparency Act, which forces most limited liability companies to separately disclose ownership of the LLC in a federal filing; New York’s Transparency Act, an LLC ownership disclosure regime passed by New York’s legislature similar to the Federal act; the ruling in 260-261 Madison Ave LLC v. WeWork 261 Madison LLC, where the New York Supreme Court permitted the landlord to pursue a claim against the WeWork parent company despite the parent company not appearing on the lease nor serving as guarantor; amendments to the General Business Law that limit retainage for construction contracts for $150,000 or more to 5% of the contract amount; and more.