Pryor Cashman's Victory in Precedent-Setting 'Holdover Tenant' Case Subject of New York Times Feature
Pryor Cashman's victory in a precedent-setting case of the liability of an office tenant overstaying its lease was the subject of a major feature in The New York Times. Partner Todd E. Soloway, head of Pryor Cashman's Real Estate Litigation Group who represented the client, was quoted extensively in the article that appeared February 7, 2007. To read the article, please click here.
The victory at the lower court level had previously been covered by the New York Law Journal. In a January 18, 2006 article about the case entitled "Holdover Tenant Is Found Liable for Cost to Incoming Law Firm," Soloway commented that "he had not come across any prior cases in which a holdover tenant was found liable to an incoming tenant." He said the "decision could have a 'ripple effect' on other real estate disputes."
"The number of tenants in New York City who hold over is enormous," said Soloway, noting that such tenants may now have to weigh the possibility of facing damages for trespass. Holdover parties in possession, even those with no lease rights can hold a deal hostage for millions of dollars."
