Landlord and Tenant Rights and Remedies after Default (Commercial Lease) (NY)

Summary

This practice note discusses default and remedy provisions that are commonly included in commercial leases in New York focusing on office, retail, and industrial leases. This note also addresses recent changes to the law pursuant to New York's Housing Stability and Tenant Protection Act of 2019, 2019 N.Y. ALS 36; 2019 N.Y. Laws 36; 2019 N.Y. Ch. 36; 2019 N.Y. SB 6458 (2019 Act), bankruptcy provisions in commercial leases, and early lease termination via use of a voluntary surrender agreement. Specialized leases involving leasehold mortgages and ground leases vary widely and usually include complex, deal-specific provisions, and requirements. This practice note does not address the unique situations these leases present but instead concentrates on the defaults, remedies, and defenses that often arise in commercial lease disputes through the lens of New York law.