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
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.
Under General Obligations Law §
Continue Reading Is It an Illusion of Indemnification? Insurance Requirements for Tenants Paired with Indemnification Clauses in Leases May Not Be Enough to Shield Landlords from Liability