Check out market updates

Governor Cuomo extends moratorium for commercial eviction and foreclosures through January 1, 2021

Governor Cuomo announced extension of moratorium for commercial eviction and foreclosure for non-payment of rent through January 1, 2021. However, the moratorium applies only to commercial eviction for foreclosure cases post-March 17, 2020. Since August 13, 2020, New York courts have already begun proceeding with commercial eviction cases initiated before March 17, 2020 with a few exceptions. There is some movement on residential eviction cases and warrants. However, a bill allowing one year forbearance for small business and property owners relief from mortgage, proposed by Assemblymember Rodneyse Bichotte back in May of 2020, is still far from passage because of opposition from DFS.

New York State, Governor Cuomo Signs Executive Order Extending Moratorium on COVID-Related Commercial Evictions Through January 1, NYS Governor’s Press Office, (Oct. 20, 2020).

Tags: commercial eviction, covid, executive order, extension, foreclosure, governor cuomo, moratorium, New York, non-payment