COVID Hindsight and What's on the Horizon for New York Real Estate

Summary

Like every other aspect of life in New York, real property leasing, lending, and sales were turned upside down by COVID-19 when hospitalizations and deaths began to rise in March 2020. Then Governor Cuomo's executive order prohibited, among other things, commercial and residential mortgage lenders from commencing foreclosure actions against borrowers, and residential and commercial landlords from commencing eviction proceedings against tenants for nonpayment of rent due to COVID-19.