CRE Insider Blog

Welcome to the CRE Insider Blog, a source of info and insights from First American’s leading real estate experts.

UCC Sale in the Enforcement of a Mezzanine Loan May Not be Unwound

By Mike Berey on August 21, 2019
The Plaintiff sought a ruling that the sale of equity interests in eleven commercial properties, which interests were pledged as collateral for a mezzanine loan, was commercially unreasonable because the auction sale was not conducted in a commercially ...
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Topics: Commercial Real Estate UCC mezzanine loan

A Deficiency Judgment Cannot be Had When the Mortgagee Failed to Foreclose on Additional Parcel

By Mike Berey on July 17, 2019
In the foreclosure of mortgages encumbering two parcels, the Plaintiff moved for a judgment of foreclosure and sale for one property, representing that it would seek reformation of an erroneous legal description in the mortgages of the other parcel. If ...
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A Combined Zoning Lot in NYC Cannot Include a Partial Tax Lot

By Mike Berey on June 26, 2019
A “zoning lot” is defined in Section 12-10(d) of the Zoning Resolution (“ZR”) of the City of New York, in relevant part, as “a tract of land, either unsubdivided or consisting of two or more lots of record contiguous for a minimum of ten linear feet, ...
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Topics: Zoning

Religious Corporations Not Authorized to Mortgage

By Mike Berey on June 12, 2019
A church in East Harlem filed a petition seeking court approval for a mortgage on its house of worship, which was its sole asset, under Not-for-Profit Corporation Law Sections 510 (“Disposition of all or substantially all assets”) and 511 (“Petition for ...
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Topics: Mortgages New York Mortgage Tax

No Common Law Easement for Light and Air in New York

By Mike Berey on June 5, 2019
The Plaintiff owned two adjoining units on the 16th floor of the Essex House Condominium. The Defendant owned two units on the 15th floor, directly below the Plaintiff’s units. The Board of Directors of the Condominium, also a Defendant, authorized the ...
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Title Boot Camp 3 Replay - The Closing Process

By Tanisha Quilter on April 29, 2019
A replay of the third installment of our Title Boot Camp webinar series - The Closing Process - is available.
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