Steinway Tower
Coverage of Steinway Tower in the Nexus archive.
- Precedent-setting Steinway Tower decision raises challenges for real estate attorneys
A New York Court of Appeals decision in the Steinway Tower case created a precedent by allowing a lawsuit to proceed despite 'sole discretion' contract language, challenging the enforceability of such clauses. The ruling emphasized an implied covenant of good faith, raising concerns among real estate attorneys about increased litigation costs and delays.
- 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.