Dossier
Marshall Tracht
Coverage of Marshall Tracht in the Nexus archive.
- A supertall order: New York’s high court decision in Steinway Tower lawsuit signals sweeping changes in real estate law
New York's highest court ruled that lenders cannot use 'sole discretion' clauses in real estate contracts to deliberately harm borrowers and seize equity, reversing a lower court decision in a lawsuit involving the Steinway Tower. The 4-3 decision could reshape real estate law by prioritizing equitable outcomes over strict contract wording, with dissenting judges warning of reduced legal predictability.