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 ...
New York Real Estate Journal published an article on November 17 authored by Olshan Real Estate partner Thomas Kearns entitled “No Foreclosures for Technical Mortgage Defaults.”