Phillips Nizer (New York): COVID-19 AND COMMERCIAL LEASES

Many businesses have been adversely affected to an increasing degree by the coronavirus pandemic. In the past few days, complete shut-downs have been ordered for non-essential businesses in several jurisdictions, notably the State of New York. Federal stimulus packages may soften the consequences, but are not likely to pick-up all losses, especially as the emphasis seems to be on pass-through of benefits to employees. Not surprisingly, tenants are turning to their landlords for relief from rent and other obligations under their leases. MORE.

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