Garcia says that while sublessors
often undersell face-market rates in Class A and B buildings by as much as 25 percent, potential sublease tenants must be willing to accept some compromises.
Some courts have determined that, in enacting the surrender provision, Congress intended for property to revert immediately to the lessor upon rejection by the bankrupt sublessor
, even in a subletting situation.(19) Other courts, relying on the applicable nonbankruptcy law provision, have held that the property rights of a sublessee are matters of nonbankruptcy law.(20) These courts have found that once the bankrupt sublessor
's actions result in the rejection of a leased premise, sublessees can assert applicable nonbankruptcy law in state courts.(21) By applying the applicable nonbankruptcy law provision instead of the surrender provision, these jurisdictions hold that the rejection of a lease does not necessarily extinguish the rights of third-party sublessees to the lease.(22)
Last minute information requests slow the process and anger tenants in their unfamiliar role as sublessor
* Brad Auerbach and Robert Hill represented sublessor
ComScore in a 14,855 s/flease at 7 Penn Plaza with Cast & Crew Payroll LLC for part of the sixth floor.
* Laurence Briody, Tim Freydberg and Manny Fitzgerald represented sublessor
America Diabetes Association in a 6,000-square-foot lease at 333 Seventh Avenue with Beldin Brick Sales and Services, Inc.
EVO Real Estate Group's Evan Lieberman, together with Michael Dylan of Inceptum, Inc., represented the subtenant and the sublessor
's representative was Harlan Cygielman.
Jeffrey Kilimnick and Robert Kluge of CBRE represented the sublessor
, AH Schreiber.
Winick Realty Group announced the company is exclusively marketing more than 10,000 s/f of Upper West Side retail space at 101 West End Avenue on behalf of the sublessor
, former tenant Ethan Allen.
, Huron Consulting, was represented by Lisa Kiell, managing director, and Douglas Neye, senior vice president, both with Jones Lang LaSalle.
Conde Nast was represented by Gregory Tosko, vice chairman; David Hollander, executive vice president; and Jason Frazier, vice president, with CB Richard Ellis Inc.
Linda Montez-Loloy, Baguio clerk of court, sent the sheriffs to serve vacate notices to all sublessors
of Camp John Hay Development Corp.