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Kylie R. Springs

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Kylie R. Springs is a commercial real estate attorney representing landlords and tenants in commercial leases, the buyers and sellers of commercial properties, and lenders, both banks and non-bank financing companies, and borrowers using real estate as collateral. Kylie’s practice covers all stages of these transactions from drafting documents, title review and the due diligence process, through negotiations and closing.

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Suburban strip malls have been a staple of Long Island’s retail identity – convenient, accessible, and often anchored by big-name national chains. But, as retail trends evolve and those anchor tenants face uncertainty and for some, extinction, these once thriving properties are faced with the looming question of what comes next. For example, Rite Aid has struggled to stay afloat after filing for bankruptcy in 2023 and has left several Long Island landlords with vacant storefronts. However, this story isn’t unique to Rite Aid. Sears, Kmart, Bed Bath & Beyond, Party City – all large household names that at one-point anchored centers across Long Island. Now, these brands have downsized or disappeared entirely.

Rite Aid joins a growing list of retailers that now are either extinct or dramatically reduced in presence but once served as key anchors for many Long Island centers. JCPenny and Lord & Taylor filed for bankruptcy and shut down key Long Island locations. Bed Bath & Beyond left large footprints across Long Island after liquidating in 2023. Toys “R” Us, Office Max and Party City have all closed stores creating large format vacancies. Not only do these closures leave visible gaps in the retail landscape, they highlight a larger trend: many legacy retail chains are no longer reliable long term anchors.Continue Reading Retail Reckoning for Suburban Strip Malls

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It is no secret that the retail market has faced significant challenges over recent years. With the rise in e-commerce came a prediction of the decline of the brick and mortar retail store. This prediction was reinforced with major retail brands, such as Barneys, Lord & Taylor, and Century 21 facing bankruptcy. Pair that with shrinking discretionary budgets, a global pandemic and ever-changing consumer preferences, many claimed the retail sector was on its death bed. Instead, what we have seen is an industry that is well versed at adaptation and continues to navigate these changes.

According to Cushman & Wakefield’s most recent report, “many markets with large urban centers saw positive demand in Q3, including San Francisco, Dallas/Ft. Worth, Boston, Chicago, New York and Washington D.C.”  In fact, the report also showed the “national vacancy rate remains near a historic low of 5.4%.” In the wake of much doubt about the future of retail, we’ve seen retail adapt and prosper with historically low vacancy rates. Now is no different with the retail market’s newest adaptation, and its strategy may result in retail being more permanent than ever.Continue Reading New York Retail’s New Frontier: The Shift from Leasing to Owning Space in a Changing Market

Recently, in On Point Window Treatment, Inc. v. 208 Clinton Place, LLC, 2024 N.Y. Slip Op. 50241 (N.Y. Sup. Ct. 2024), the Kings County Supreme Court held that even when paired with an insurance procurement requirement, a landlord could not rely on an indemnity clause negotiated into its lease to exempt such landlord from liability.…