Posts tagged CRE.
A commercial real estate foreclosure in New York can take years, even when uncontested. Real estate lenders have employed various strategies to limit costs and delays and create a faster path to title following a default. One such strategy is for the lender to hold a deed in lieu of foreclosure (“DIL”), sometimes called a “deed in the box” or “deed in the drawer,” that the lender may record following a default without resorting to the foreclosure process. In the recent case of Shanghai Commercial Bank Ltd. v. New Tent, LLC et al, No. 850240/2024 (Sup. Ct. N.Y. Cnty., June 13 ...